I'm Lucas Wysocki with your weekly look at mortgage rates. Mortgage rates ticked lower this week, but not as low as the record lows we saw just a few weeks ago. The 30-year fixed rate mortgage came in at 3.61 percent. The 15-year fixed rate also lost ground slipping to 2.9 percent and the 30-year jumbo dropped to 4.17 percent. All three lost just 1 basis point since last week.
On the adjustable side, the 5/1 ARM rose 1 basis point to 2.73 percent.
Those about to complete a refinance or home purchase probably have the presidential election on their minds. Mortgage rates tend to shift in the weeks after an election as financial markets try to predict what the new administration's policies will do for the economy. As of right now it's anyone's guess at whether rates will go up or down in a few weeks, but with rates in the 3 to 4 percent range, it's certainly not a bad time to be closing.
No matter what, it's going to pay off to shop around. You can do that right here at Bankrate.com. I'm Lucas Wysocki.