I'm Greg McBride with Bankrate.com and here is your weekly look at mortgage rates.
Mortgage rates were mostly lower for the second straight week, with the benchmark 30-year fixed mortgage rate inching down to 3.79 percent. On larger jumbo mortgages, the average 30-year rate fell to a record low of 4.33 percent. The exception was the 15-year fixed rate mortgage, which inched higher to 3.04 percent.
Adjustable mortgage rates established new record lows this week. The popular 5-year adjustable fell to 2.76 percent while the 7-year adjustable fell to 2.9 percent.
Federal Reserve Chairman Ben Bernanke's speech kept the door wide open for possible additional Fed stimulus. Bond yields and mortgage rates moved lower in response. The looming employment report will be critical in determining whether the Fed acts at their meeting this month or defers until later in the year. While markets are expecting the Fed to act next week, it would take a weak jobs report to truly seal the deal.
Despite 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.