The 30-year mortgage rate increased for the 4th week in a row.
I'm Greg McBride with Bankrate.com and here is your weekly look at mortgage rates.
Mortgage rates increased for the 4th consecutive week, with the average 30-year fixed rate mortgage rising to a 2-month high of 3.91 percent. The average 15-year fixed mortgage rate increased to 3.12 percent, while the larger jumbo 30-year rate was up more modestly, nosing higher to 4.43 percent.
Adjustable mortgage rates were mostly lower, with the 3-year adjustable retreating to 2.96 percent, the 5-year backing down to 2.9 percent, and the 7-year ARM sliding to 2.98 percent.
The eery quietness on the European debt front, the better tone of U.S. economic data, and the rallying stock market have combined to lead bond yields and mortgage rates higher. Mortgage rates are, after all, closely related to long-term government bond yields. But the European debt crisis hasn't been resolved and the economy is not strong enough put all our worries to rest, particularly with the fiscal cliff looming, so don't expect mortgage rates to continue moving higher. In fact, one hiccup and we could well see mortgage rates heading back down.
Thirty-year fixed mortgage rates have been below 6 percent since Nov. 2008. But despite those 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.