mortgage

Mortgage rates for Aug. 14, 2014

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

Mortgage rates trickled lower, with the benchmark 30-year fixed mortgage rate dipping to 4.27 percent, and the larger jumbo 30-year rate sliding to 4.35 percent. The average 15-year fixed mortgage rate popular for refinancing is now 3.39 percent.

Even adjustable mortgage rates were slightly lower, with the popular five-year ARM slipping to 3.32 percent and the 10-year ARM inching down to 3.81 percent. Both are two-month lows.

Mortgage rates continue to hover in a very narrow range, fluctuating less than one-tenth of a percentage point since mid-May. While there is no obvious catalyst to jolt rates out of the summer lull seen in the past three months, the risk over the coming week would be two upcoming inflation releases. A scare from either the Producer Price Index, or more likely the Consumer Price Index, could cause some volatility. But if the readings are benign, then mortgage rates could revisit their lows of the year seen in late May.

Even if mortgage rates aren't showing much movement, you still need to shop around to get the best 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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