mortgage

Mortgage rates for Oct. 4, 2012

 

I'm Lucas Wysocki with your weekly look at mortgage rates. Mortgage rates continue their march to the bottom with the 30-year fixed-rate mortgage falling to 3.52 percent. The 15-year fixed-rate mortgage, popular for refinancing, fell 4 basis points to 2.84 percent and the 30-year jumbo mortgage also dropped to 4.16 percent.

On adjustable rate mortgages the average 5/1 ARM dropped to 2.67 percent.

Mortgages are still feeling the effects of the Federal Reserve's QE3 announcement. Even a record high volume of refinance applications couldn't do much to slow down the falling mortgage rates. Homebuyers are definitely taking note, the mortgage bankers association reported a 16.6 percent increase in mortgage applications last week, compared to one week earlier.

Low mortgage rates are great, but don't settle for average. Shop around. You can start your search using the free search engine right here at Bankrate.com.

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