Video: Mortgage rates for May 24, 2012

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

Mortgage rates were little changed this week, remaining at record low levels. The average rate on the benchmark 30-year fixed rate mortgage was unchanged at the record low of 3.97 percent.

The average 15-year fixed mortgage rate – a popular choice for those that are refinancing – inched lower to a new record of 3.19 percent. On larger loans, the average rate on the jumbo 30-year fixed rate mortgage remained at the record low of 4.52 percent.

Adjustable mortgages were mixed once again. The 3-year adjustable held at 3.11 percent while the 5-year and 7-year adjustables both a bit higher, to 3.02 percent and 3.16 percent, respectively.

Nervousness about the European debt crisis and the future of the euro continue to hold sway over financial markets, including mortgage rates. Any time uncertainty prevails it is a recipe for low mortgage rates as investors flock to the safety of U.S. Treasury securities, to which mortgage rates are closely related. These issues in Europe have lingered for 2 years and they’re not likely to solve anything right away, so the odds certainly favor an environment where mortgage rates remain low.

Whether you’re buying a home or refinancing the one you already own, it is important to shop around for the best deal. To find the lowest mortgage rates in your area, use the free search engine at Bankrate.com.

I’m Greg McBride.

Article source: http://www.bankrate.com/finance/video/mortgage/mortgage-rates-052412.aspx

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