I'm Greg McBride, chief analyst with Bankrate.com and here is your weekly look at mortgage rates.
Amid a rash of disappointing economic releases and closing in on the monthly jobs report, mortgage rates took a small step backward. The benchmark 30-year fixed mortgage rate inched lower for a second consecutive week to 4.45 percent, and the larger jumbo 30-year rate settled at 4.49 percent. Adjustable rates were also lower, with the popular five-year ARM retreating to a four-month low of 3.26 percent.
The mortgage waters have been particularly calm over the last 30 days. The disappointing economic data hasn't been so bad as to raise concerns of a sharp economic slowdown -- yet -- but have been just tepid enough to cast doubt on the idea of the economy suddenly accelerating. So we end up with this Goldilocks scenario of economic growth that isn't too hot, but isn't too cold.
The weather, however, has been too cold in much of the country and is a big reason for the run of disappointing economic releases. Expect the view of the economy to remain in limbo until we get some warmer weather -- and normalized economic readings -- in the next couple of months.
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.