mortgage

Mortgage rates for Aug. 8, 2013

 

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

Mortgage rates slipped following a disappointing July jobs report that cast some doubt on whether the Federal Reserve would begin tapering its bond purchases in September.

The benchmark 30-year fixed-rate mortgage retreated to 4.56 percent. Meanwhile the larger jumbo 30-year rate pulled back to 4.68 percent, just one-eighth of a percentage point higher than the smaller conforming loan, the narrowest point at any time in the past 15 years.

Adjustable mortgage rates were mostly lower. The popular five-year ARM pulled back to 3.53 percent and the 10-year ARM inched lower to 4.11 percent.

The tug of war over whether or not the Fed will begin tapering in September is sustained by an environment where encouraging and disappointing economic news offset each other on almost a daily basis. Look for mortgage rates to remain rangebound as long as this continues.

Whether mortgage rates are moving up or down, it's still important to shop around for the best mortgage terms. To find the lowest mortgage rates in your area, use the free search engine at Bankrate.com.

I'm Greg McBride.

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