mortgage

Mortgage rates for Sept. 12, 2013

 

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

Mortgage rates were only slightly changed this week, following several weeks of moving up and down, but mostly up. The benchmark 30-year fixed-rate mortgage inched lower to 4.71 percent, while the larger jumbo 30-year fixed inched higher to 4.89 percent.

Rates on adjustable mortgages were mixed. The three-year ARM was down to 3.72 percent, the five-year ARM was unchanged at 3.65 percent, and the 10-year ARM increased to 4.3 percent.

The rise in mortgage rates in recent months has been in anticipation of the Federal Reserve beginning to slow the pace of their monthly bond purchases. With the moment of truth now close at hand, as the Fed meeting concludes on Sept. 18, it is wait-and-see time for mortgage rates. Whether the Fed tapers this month or not is likely to be a game-time decision, but it is inevitable. If it doesn't happen this month, speculation will immediately swirl about an October start.

Whether mortgage rates are moving around or not, 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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