I'm Doug Whiteman with Bankrate.com, and here is your weekly look at mortgage rates.
One week after jumping to a two-year high, mortgage rates reversed course and pulled back. Weak economic reports on new-home sales and durable good orders, coupled with nervousness about a potential military strike against Syria helped drive mortgage rates lower. Any time there is nervousness in financial markets, investors gravitate to the safety of U.S. government debt, to which mortgage rates are closely related.
The benchmark 30-year fixed-rate mortgage fell to 4.62 percent, and the larger jumbo 30-year rate dropped to 4.77 percent. The 15-year fixed-rate mortgage, a popular choice when refinancing, settled at 3.66 percent.
Adjustable mortgage rates pulled back, too. The popular five-year ARM reverted to where it was two weeks ago at 3.61 percent, while the 10-year ARM stepped back to 4.14 percent.
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 Doug Whiteman.