mortgage

Mortgage rates for Aug. 2, 2012

 

I'm Greg McBride with Bankrate.com and here is your weekly look at mortgage rates.

Mortgage rates posted mixed results this week. The average rate on the benchmark 30-year fixed mortgage broke a 4-week streak of declines, ticking higher to 3.77 percent. The larger jumbo 30-year fixed mortgage inched up to 4.39 percent.

Comments from the President of the European Central Bank helped reverse some of the recent flight to quality that had brought bond yields and mortgage rates consistently lower. Mortgage rates are closely related to the yields on government bonds. When investors are nervous and piling into safe haven investments, it serves as a catalyst for lower rates. But the reverse is also true, and when any of those trades gets unwound, it pushes rates higher.

But not all rates were higher this week. The 15-year fixed rate mortgage slid to a new low of 2.99 percent, while the 3-year, 7-year, and 10-year adjustable mortgages were each down slightly, hitting new lows.

We've been spoiled by years of ultra-low mortgage rates. The last time 30-year mortgage rates were above 6 percent was Nov. 2008. But it's still important to shop around for the best mortgage deal. To find the lowest mortgage rates in your area, use the free search engine at Bankrate.com.

I'm Greg McBride.

 

advertisement

Show Bankrate's community sharing policy
          Connect with us
advertisement
 

A little research could save you BIG on interest.

Don't have time? Our rate-tracker tool saves you time and money. Delivered Thursdays.
 
advertisement
Partner Center
advertisement

Blog

Tara Baukus Mello

Brand’s perfume: Essence of Lincoln

Lincoln has developed its own perfume fragrance and no, it's not "new car smell," despite being named Essence of Lincoln. Used in the ventilation system of Lincoln dealerships and on scent cards available in showrooms, the scent was developed as a way to create more luxury and warmth for customers visiting the dealerships as they  ... Read more


Connect with us