mortgage

Mortgage rates for Aug. 15, 2013

 

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

Mortgage rates posted mixed results this week. Fixed mortgage rates were little changed, with the benchmark 30-year fixed rate inching up to 4.57 percent, while the 15-year fixed slipped to 3.61 percent. The larger jumbo 30-year fixed-rate mortgage retraced last week's move to settle at 4.73 percent.

Adjustable mortgage rates were up more forcefully, with the five-year ARM jumping to 3.61 percent and the seven-year to 3.98 percent.

Mortgage rates have been rangebound since late June, but where they move within that range is dependent on what the market thinks about when the Federal Reserve will begin tapering its bond purchases. Talk of a September tapering has kept mortgage rates in the upper half of that range in the past couple of weeks.

No matter which way mortgage rates are moving, shopping around for the best mortgage terms will save you money. 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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