I'm Greg McBride with Bankrate.com and here is your weekly look at mortgage rates.
It was a mixed week for mortgage rates. Fixed mortgage rates trickled lower, while adjustable rate loans bounced higher. The benchmark 30-year fixed rate mortgage tied the record low of 3.52 percent last seen in early October. The average 15-year fixed mortgage, popular for refinancing, held at 2.86 percent, while the larger jumbo 30-year fixed mortgage inched lower to 4 percent, resetting a record low for the 5th week in a row.
The 3-year, 5-year, 7-year, and 10-year adjustables were all higher this week. The average 3-year ARM is 2.89 percent, the 5-year climbed to 2.74 percent, the 7-year is now 2.88 percent and the 10-year landed at 3.2 percent.
The uncertainty of the fiscal cliff outcome has businesses, consumers, and financial markets uncertain and that uncertainty is good for mortgage rates. Expect mortgage rates to remain at these levels as long as the fiscal cliff talks drag on.
Even if mortgage rates are at 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.