mortgage

Mortgage rates for Sept. 5, 2013

 

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

Both fixed and adjustable mortgage rates were higher leading into the monthly jobs report. The benchmark 30-year fixed mortgage rate climbed to 4.72 percent, nearly reversing all of last week's decline. The larger jumbo 30-year rate did reverse all of last week's decline, rebounding to 4.88 percent. And the 15-year fixed rate mortgage increased to 3.74 percent.

On adjustable-rate loans, the popular five-year ARM is now 3.65 percent, while the seven-year ARM crossed back over the 4 percent threshold to 4.04 percent.

Some better economic news, in particular news on manufacturing and the Federal Reserve's Beige Book report, tilted the odds a little more in favor of the Fed beginning to dial back their stimulus later this month. However, the decision likely hinges on the upcoming employment report, with a strong report giving the Fed the cover they need to taper their bond purchases despite the looming debt ceiling and government budget debates.

Whether rates are moving up or down, whether they're at high levels or low levels, shopping around for the best mortgage terms is a sure-fire way to save 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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