mortgage

Mortgage rates for Aug. 28, 2014

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

Mortgage rates posted mixed results this week. The benchmark 30-year fixed mortgage rate inched lower to 4.23 percent and remains at a 14-month low. The average 15-year fixed mortgage rate nosed higher to 3.38 percent, while the larger jumbo 30-year mortgage rate held steady at 4.29 percent.

Adjustable-rate mortgages were higher, with the five-year ARM rebounding to 3.32 percent and the seven-year ARM rising to 3.51 percent.

The big event of the past week as far as interest rates are concerned was a widely anticipated speech from Fed Chairwoman Janet Yellen. With Yellen not making any unexpected pronouncements, it was business as usual, with mortgage rates remaining at low levels. There is no obvious catalyst for big rate movements between now and the release of the August employment report on Sept. 5.

Whether mortgage rates are low or high, moving up or moving down, 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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