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Mortgage Rates Today Largely Unchanged from the Previous Week
 

Mortgage Rates Today Largely Unchanged from the Previous Week

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Mortgage rates today are largely unchanged from the previous week because 10 year bond yields traded in a tight range the past week. In this week's Primary Mortgage Market Survey released by Freddie Mac, average 30 year mortgage rates declined to 3.38 percent with 0.7 mortgage points for the week ending January 17, 2013. The week prior saw the average 30 year mortgage rate at 3.40 percent.

Current mortgage rates on 30 year conforming loans have declined further, averaging 3.35 percent. In 2013, average rates on fixed conforming and fixed jumbo loans will continue to drift lower. The Federal Reserve is buying mortgage-backed securities (bundles of mortgage loans), which is designed to force mortgage rates lower. The Fed's policy of buying MBS has been in place for several years now and will continue into 2013.

There are many lenders quoting mortgage rates on 30 year conventional loans below the average rate of 3.35 percent. 30 year mortgage rates currently can be found on our rate tables as low as 2.875 percent with points. In the state of Illinois, Aimloan.com is quoting 30 year refinance rates at 2.875 percent with 1.766 points. The lowest 30 year refinance rate without points is also from Aimloan.com at 3.25 percent.

In Freddie Mac's PMMS for the week ending January 19, 2013, 15 year mortgage rates are averaging 2.66 percent with 0.7 points, unchanged from the previous week's average 15 year mortgage rate. Today's mortgage rates on 15 year conventional loans are averaging 2.64 percent.

There are several lenders quoting 15 year mortgage refinance rates on our rate list that are much lower than the average rate. Our California refinance rates list on 15 year loans has rates as low as 2.25 percent with no mortgage points. The lender quoting that rate and point combination is AmericanInterbanc.com Mortgage Bankers.

Average 5 year adjustable mortgage rates are at 2.67 percent with 0.6 mortgage points for the week ending January 17, 2013, unchanged from the prior week's average 5 year adjustable rate. Current adjustable mortgage rates on 5 year loans are averaging 2.64 percent and will move lower this week.

Refinance rates today on 5 year adjustable conforming loans can be found well below the average rates. The lowest 5 year adjustable refinance rates on our rate list for the state of Texas are at 1.625 with 1.666 mortgage points. The lowest 5 year refi rate without points listed on our rate table for TX is at 2.00 percent.

Average 1 year adjustable conforming mortgage rates in Freddie Mac's survey are averaging 2.57 percent with 0.4 mortgage points, down from the prior week's average 1 year adjustable mortgage rate of 2.60 percent.
Author: Robert Till
January 22nd, 2013