mortgage

Mortgage rates for Feb. 27, 2014

Mortgage rates stayed put this week, staying near the lowest levels of the year. I'm Doug Whiteman with your weekly look at mortgage rates.

The benchmark 30-year fixed-rate mortgage fell one point in Bankrate's national survey of large lenders, dropping to 4.48 percent.

The 15-year fixed-rate mortgage, popular for refinancing, fell to 3.5 percent. That's down 2 basis points from last week. And the 30-year jumbo picked up 2 basis points coming in at 4.49 percent.

The benchmark 5/1 adjustable-rate mortgage rose to 3.3 percent from 3.28 percent.

Continuously low rates have not been enough to heat up the slow homebuying season. Despite the attractive interest rates, the volume of mortgage applications from homebuyers last week reached its lowest level in nearly two decades, according to the Mortgage Bankers Association. Overall, the volume of applications for refinance and purchases decreased 8.5 percent on a seasonally adjusted basis from one week earlier.

Extremely low temperatures in many of parts of the country may be contributing to the slower pace of sales. If that's the case, spring should be a very strong season, as homebuyers come out of hibernation. For those waiting for warmer days, the question is, “Will rates and home prices stay low?”

For more on mortgage rates and to find the very best rates in your neighborhood, check out the rate tables on Bankrate.com. I'm Doug Whiteman.

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