I’m Greg McBride, senior financial analyst with Bankrate.com and here is your weekly look at mortgage rates.
After two consecutive weeks moving to the upside, mortgage rates reversed course following Fed Chair nominee Janet Yellen's comments that 'there is more the Fed can do.' Investors took this to mean that the Fed will not be in a hurry to rein in stimulus or boost interest rates, and helped bring mortgage rates back down.
The benchmark 30-year fixed mortgage rate dropped to 4.39 percent and the larger jumbo 30-year rate is now 4.42 percent. Adjustable mortgage rates were lower also, with the popular five-year ARM sliding to 3.28 percent and the seven-year ARM dropping to 3.6 percent.
Whatever is happening with mortgage rates, be sure to shop around for the best mortgage terms. To find the lowest mortgage rates in your area, use the free search engine at Bankrate.com.
I’m Greg McBride.