mortgage

Mortgage rates for Dec. 29, 2011

 

 

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

It was another pretty tame week for mortgage rates with the average benchmark 30-year fixed mortgage rate ticking higher for the second week in a row, to 4.21 percent. However, this is still the third lowest level recorded in Bankrate's survey.

The average 15-year fixed rate increased to 3.44 percent from last week's record low of 3.42 percent, while the average rate on a larger jumbo 30-year fixed rate loan dipped to yet another new low of 4.64 percent.

Adjustable mortgage rates were mixed, with the 3-year adjustable rising to 3.55 percent, while the 10-year adjustable slipped to 3.76 percent.

2011 will go into the books as the year with the lowest mortgage rates. In the 26-year history of Bankrate's survey, the average 30-year fixed rate for 2011 was the lowest yet, at 4.66 percent. In fact, the high point of the year was 5.23 percent -- a rate that as recently as March 2009 would have qualified as a record low.

Whether mortgage rates are setting new lows or not, it is important to shop around. 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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