mortgage

Mortgage rates for Feb. 13, 2014

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

Mortgage rates posted the first increase of 2014, breaking a five-week-long streak of declines. The benchmark 30-year fixed mortgage rate increased to 4.48 percent, while the larger jumbo 30-year rate is only a shade higher at 4.5 percent.

Adjustable mortgage rates were mixed. The three-year adjustable rate was lower, to 3.31 percent, while the five-year and seven-year each moved higher, to 3.32 percent and 3.61 percent, respectively. The 10-year ARM was unchanged, holding for a third consecutive week at 3.99 percent.

The nervousness in financial markets seen since the beginning of the year has subsided in recent days, aided in part by Janet Yellen's initial congressional testimony. Economic uncertainty has also diminished in the wake of Yellen's soothing words, after a run of less-than-stellar releases that included last week's jobs report. As a result, mortgage rates reversed much of last week's decrease, but at this point still remain lower than any point seen in December or January.

No matter 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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