I'm Greg McBride with Bankrate.com and here is your weekly look at mortgage rates.
After four straight weeks of moving higher, mortgage rates reversed course and headed lower. The benchmark 30-year fixed rate retreated to 3.8 percent, the lowest since August 1st. The 5/1, 7/1, and 10/1 ARMs were all lower, with the 5-year and 7-year ARMs resetting record lows of 2.8 percent and 2.91 percent, respectively.
The minutes of the Federal Reserve's most recent meeting gave investors hope that additional Fed stimulus might be close at hand. All eyes now turn to Jackson Hole, Wyoming for Fed Chairman Ben Bernanke's speech on August 31st. If he even hints at forthcoming stimulus, both Treasury yields and mortgage rates will tumble further.
Despite these ultra-low mortgage rates, it's 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.