I'm Greg McBride with Bankrate.com and here is your weekly look at mortgage rates.
Mortgage rates pulled back for a second consecutive week, and remain near record lows. The benchmark 30-year fixed mortgage rate settled at 3.57 percent, while the larger jumbo 30-year mortgage set a new record low of 4.11 percent. The average 15-year fixed mortgage rate popular for refinancing inched lower to 2.89 percent.
Adjustable mortgage rates were mostly lower, with the 5-year ARM dipping to 2.72 percent and the 10-year ARM sinking to a new low of 3.2 percent.
In the wake of Hurricane Sandy, with both the monthly jobs report and the presidential election looming, and the fiscal cliff unresolved, investors are understandably nervous. Such nervousness and uncertainty fuels demand for the safety and security of government securities. Just some – but not all – of this uncertainty will be put to bed in the next week, so expect mortgage rates to be in flux for some time yet. Fixed mortgage rates are closely related to the yields on long-term government bonds.
Even if mortgage rates are still near all-time lows, 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.