mortgage

Mortgage rates for Aug. 9, 2012

 

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

There was more modest movement from mortgage rates this week. The benchmark 30-year fixed rate mortgage increased for the second week in a row to 3.81 percent. But this is still lower than where rates were as recently as the 4th of July.

Rates for the 15-year fixed rate mortgage and the larger jumbo 30-year mortgage reversed course from last week, with the average 15-year fixed rate ticking up to the 3 percent mark while the jumbo 30-year rate settled back at 4.38 percent.

Adjustable rates were all over the map, with the 1-year ARM moving down to 3 percent, the 3-year ARM moving up to 2.98 percent, and the 5-year holding steady at 2.91 percent.

A better than expected jobs report for the month of July put a floor under bond yields and mortgage rates this week. With investors no longer feeling as if the sky is falling, at least temporarily, fixed mortgage rates did move a tad higher. Should the better economic news continue, it would keep further Fed stimulus at bay, and likely push up rates a bit more, so stay tuned.

The last time 30-year mortgage rates were above 6 percent was Nov. 2008. But despite years of ultra-low mortgage rates, its 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.

 

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