mortgage

Mortgage rates for Dec. 27, 2012

 

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

Fixed mortgage rates pulled back this week, as worries re-emerged about the approaching "fiscal cliff." After last week's jump in rates, this week saw the benchmark 30-year fixed mortgage rate give some of that back, sliding to 3.59 percent. The 15-year fixed-rate mortgage, which is an increasingly popular choice for refinancing, fell to 2.87 percent, while the larger jumbo 30-year fixed mortgage rate held at 4.07 percent.

On adjustable-rate mortgages, the results were mixed. The popular five-year ARM inched lower to 2.77 percent, while the three-year, seven-year and 10-year adjustables were each a touch higher.

2012 was a good year for mortgage shoppers -- both homebuyers and refinancers -- as mortgage rates fell for most of the year. The benchmark 30-year fixed-rate mortgage started the year at 4.18 percent and ended more than half a percentage point lower at 3.59 percent. The high point of the year was 4.29 percent, seen in March, while the low was earlier in December at 3.5 percent.

Even though mortgage rates are near record lows, don't be complacent. It's still important to shop around to find 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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