Bitcoin tops 41,000. Check current cryptocurrency prices here:

Mortgage Rates Mixed as Mortgage Applications Increase 7 Percent

Mortgage rates were mixed as applications for mortgage loans increased 7 percent in the Mortgage Bankers Association Weekly Mortgage Application Survey for the week ending January 18, 2013. Average fixed conforming 30 year mortgage rates were higher and average 30 year fixed jumbo mortgage rates were lower in this week's survey.

In this week's survey, 30 year conforming mortgage rates averaged 3.62 percent, an increase from the prior week's average 30 year rate of 3.61 percent. Average mortgage points on 30 year loans increased to 0.43 points, up from last week's average of 0.38 points. Average 30 year jumbo mortgage rates decreased to 3.85 percent, down from last week's 30 year jumbo rate of 3.88 percent. Average points on 30 year jumbo loans this week declined to 0.34 points, down from last week's average of 0.38 points.

Application for mortgage loans increased for home buyers and homeowners refinancing a current loan. The MBA's unadjusted Purchase Index, a measure of application volume or home purchases, increased 9 percent compared with the previous week. Year over year, loan volume or home purchases are up 26 percent, which points to a healthier housing market. The Refinance Index, a measure of loan volume for homeowners refinancing loans, increased 8 percent from one week earlier.

Mortgage rates today are just above record lows, which is enticing home buyers back into the market after years of waiting on the sidelines. Current mortgage rates on fixed 30 year conventional loans can be found as low as 2.875 percent if you're will to pay points on a loan to secure a lower rate. If you don't want to pay points on a loan, you can find lenders quoting rates as low as 3.25 percent.

Today's mortgage rates on 30 year jumbo loans are also just above record lows. The lowest 30 year jumbo rates right now in our rate database are at 3.50 percent with points. The lowest jumbo refinance rates without points on 30 year loans are slightly higher at 3.625 percent. The rates you're quoted on our rate tables vary by state.

Average 30 year FHA mortgage rates in this week's MBA mortgage survey are at 3.40 percent, an increase from the prior week's average 30 year FHA mortgage rate of 3.39 percent. Loan points on 30 year FHA loans this week averaged 0.53 points, down from an average of 0.58 points.

The average 15 year contract rate in 15 year loans were at 2.87 percent, down from last week's average 15 year mortgage interest rate of 2.88 percent. Average points increased to 0.39, up from last week's average of 0.27. Mortgage rates today on 15 year loans can be found well below the average. The lowest 15 year rates on our rate tables are at 2.25 percent with points and 2.50 percent without points.
Author: Brian McKay
January 23rd, 2013