mortgage

Mortgage rates for Dec. 12, 2013

 

I'm Greg McBride, senior financial analyst with Bankrate.com and here is your weekly look at mortgage rates.

Mortgage rates were mostly steady ahead of next week's meeting of the Federal Open Market Committee. The benchmark 30-year fixed mortgage rate was unchanged at 4.55 percent, and the larger jumbo 30-year fixed was down slightly, also to 4.55 percent. This completely erases any spread between the two for the first time.

Adjustable-rate mortgages were mixed. The average three-year ARM retreated to 3.28 percent, while the five-year and seven-year each inched higher, to 3.34 percent and 3.7 percent, respectively.

The strength in recent economic data, particularly on the job front, means tapering will be part of the discussion when the Fed meets next week. Don't expect any notable moves in mortgage rates until the conclusion of the meeting and the announcement of whether the Fed will begin tapering now, or wait until 2014.

Whether mortgage rates are rising or falling, always 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.

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