I'm Greg McBride, senior financial analyst with Bankrate.com and here is your weekly look at mortgage rates.
The benchmark 30-year fixed mortgage rate ticked higher from last week's record low to 4.2 percent, but this is still the 2nd-lowest level on record. Meanwhile, on larger jumbo mortgages, the average 30-year rate set another record low, falling to 4.66 percent, and the average 15-year fixed that is popular for refinancing remains at a record low of 3.42 percent.
Adjustable mortgage rates were mixed. The 3-year adjustable inched higher to 3.5 percent, while the 5-year, 7-year, and 10-year rates all slipped. While not quite at the record lows seen in September, the average rates of 3.18 percent on the 5-year, 3.35 percent on the 7-year and 3.77 percent on the 10-year all represent compelling value for borrowers not anticipating being in the home more than 5 to 10 years.
The majority of panelists in Bankrate.com's weekly Rate Trend Index poll think the holiday lull in mortgage rates will continue for another week with 63 percent expecting mortgage rates to remain more or less unchanged over the next 7 days.
Whether mortgage rates are volatile or holding steady, 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.