I'm Greg McBride with Bankrate.com and here is your weekly look at mortgage rates.
Fixed mortgage rates ticked higher this week, with the average 30-year fixed mortgage rate notching higher to 3.81 percent. On larger jumbo mortgages, the average 30-year fixed mortgage rate increased to 4.36 percent. The average rate on the 15-year fixed mortgage rate popular for refinancing held steady at 3.04 percent.
Adjustable mortgage rates were mixed, with the 3-year and 5-year ARMs resetting record lows of 2.84 percent and 2.75 percent, respectively, while the 7-year increased to 2.92 percent and the 10-year adjustable held at 3.37 percent. These products offer a rate that is fixed for an initial period of years before becoming adjustable annually thereafter. But that initial rate can be significantly lower than the rate on a fixed rate mortgage, making it a risk worth taking for those that expect to move or pay off the loan prior to the first adjustment.
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.