mortgage

Mortgage rates for Nov. 8, 2012

 

I'm Greg McBride with Bankrate.com and here is your weekly look at mortgage rates.
It was a tame week for mortgage rates. Fixed mortgage rates were mostly lower, although the benchmark 30-year fixed mortgage rate held at 3.57 percent. The larger jumbo 30-year fixed rate set a new low of 4.09 percent.

Adjustable mortgage rates were mixed. The 3-year ARM moved higher to 2.82 percent, the popular 5-year ARM remained at 2.72 percent, and the 10-year ARM slipped to 3.18 percent. These adjustable rate products are a compelling value for borrowers that don't anticipate having the loan more than 5 or 10 years because the loan can function as a fixed rate loan during that time.

Now that the presidential election is out of the way, attention turns to the looming fiscal cliff. Markets will become increasingly nervous with each passing day if substantive progress toward a resolution isn't made. These concerns could bring mortgage rates still lower in the weeks ahead.

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.

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