mortgage

Mortgage rates for Aug. 1, 2013

 

I'm Doug Whiteman with your weekly look at mortgage rates. Mortgage rates ticked up this week as investors kept their eyes on the Federal Reserve, and as the latest economic data showed the labor market continuing to improve.

The 30-year fixed-rate mortgage jumped 5 basis points to 4.59 percent. The 15-year fixed rate rose 4 basis points to 3.65 percent. The average rate for 30-year jumbo mortgages picked up 4 basis points as well, coming in at 4.73 percent.

The 5/1 adjustable-rate mortgage rose 3 basis points to 3.57 percent.

Expect volatility in mortgage rates in the coming week, as we'll see the effects of Wednesday's Fed announcement, indicating that the central bank would continue buying bonds to bolster the economy. Rates also are likely to reflect a new, better-than-expected estimate of second quarter economic growth, plus the upcoming report on July unemployment. There's no telling which direction rates are heading, but with this many variables, movement is sure to take place.

In the midst of a turbulent rate environment, it's as important as ever to shop around. To find the best mortgage rates in your area, use the free search engine at Bankrate.com. I'm Doug Whiteman.

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