I'm Greg McBride, senior financial analyst with Bankrate.com, and here is your weekly look at mortgage rates.
Mortgage rates were down for the third week in a row, falling to a three-month low. The benchmark 30-year fixed mortgage rate plunged to 4.47 percent, the lowest since mid-June. The 15-year fixed mortgage was down to 3.53 percent, also the lowest since mid-June.
Adjustable mortgage rates were lower, also, with the popular five-year ARM dropping to 3.41 percent and the seven-year ARM now at 3.77 percent.
The Federal Reserve's decision not to begin tapering their stimulus will give mortgage shoppers a reprieve from rising rates, but only until the tapering starts. As for when that will be, much depends on the outcome of the government budget and debt ceiling debates. If they are resolved smoothly and without incident, the Fed could taper as soon as their next meeting in late October.
Even though mortgage rates have fallen for three straight weeks, it is still important to shop around for the best mortgage terms. To find the lowest mortgage rates in your area, use the free search engine at Bankrate.com.
I'm Greg McBride.