I'm Greg McBride with Bankrate.com and here is your weekly look at mortgage rates.
Mortgage rates bounced off last week's record lows following a better than expected jobs report for the month of September. With the unemployment rate dropping to 7.8 percent and upward revisions to job growth in the two preceding months, this took away just a bit of the nervousness about the economy, pushing bond yields and mortgage rates higher.
The benchmark 30-year fixed mortgage rate increased to 3.59 percent, which is still the 3rd lowest level on record, all of which were established over the past 3 weeks. The 15-year fixed mortgage rate rebounded to 2.88 percent – where it sat 2 weeks ago – and same was true for the jumbo 30-year fixed rate mortgage which landed at 4.19 percent.
Adjustable mortgage rates were mixed, with the 3-year and 10-year ARMs plunging to new lows of 2.72 percent and 3.24 percent, respectively, while the 5-year and 7-year ARMs inched higher to 2.68 percent and 2.83 percent, respectively.
Remember that it's 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.