mortgage

Mortgage rates for Feb. 20, 2014

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

The results on mortgage rates were largely mixed this week with no significant changes. The benchmark 30-year fixed mortgage rate inched higher to 4.49 percent. Meanwhile, the larger jumbo 30-year mortgage dipped, and now also sits at 4.49 percent.

Adjustable mortgage rates were slightly lower. The three-year ARM and the popular five-year ARM each pulled back to 3.28 percent. The 10-year ARM is the lowest since October at 3.95 percent.

Mortgage rates are hovering as we're in a bit of a wait-and-see mode regarding the economy. Recent economic reports have not been impressive, with much of that chalked up to the brutal snow and cold throughout much of the country this winter. It may take a more normal weather pattern to truly gauge where the economy sits, and at least for now, there isn't much movement in mortgage rates being seen.

Regardless of where rates are, or which direction they may be moving, it is always important 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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