Mortgage Rates Remain Above Record Lows as Short Term Debt Ceiling Deal is Reached

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Current mortgage rates remain above record lows this past week as Republicans decided to delay the debt ceiling fight for another day. Republicans introduced a bill that avoids the potential government default as the Treasury Department bumped up against a $16.4 trillion debt ceiling. Democrats and Republicans in the house easily passed the bill which increases the debt ceiling limit for three months.

U.S. Treasury yields initially fell on the news but increased 10 basis points on Friday as the markets have more certainty about future economic growth not being derailed by politics. Higher Treasury yields will send mortgage rates higher in the coming week but the Fed's policy of buying mortgage-backed securities will keep a lid on the increase in rates.
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Mortgage rates today on 30 year conventional home loans are averaging 3.52 percent, up from last week's average 30 year mortgage rate of 3.46 percent. The all-time record low 30 year mortgage rate is at 3.27 percent set back in November 2012. Although 30 year rates increased this week you can find lenders quoting rates below the average of 3.52 percent.

Refinance rates today in our rate database for California can be found as low as 3.00 percent with points. We have two lenders currently quoting 30 year refinance rates at 3.00 percent, Amerisave and Aimloan. We also have two lenders, Amerisave and, quoting 30 year California refinance rates at 3.25 percent with no points!

Today's mortgage rates on 15 year conventional home loans are averaging 2.88 percent, an increase from last week's average 15 year mortgage rate of 2.84 percent. Right now in our rate database for the state of Colorado we have many lenders quoting 15 year refinance rates below the average of 2.88 percent. The lowest refi rates with points are at 2.375 percent and the lowest rates without points are at 2.50 percent.

Average 30 year jumbo mortgage rates are also higher today at 4.06 percent, up from last week's average 30 year jumbo mortgage rate of 4.02 percent. Average 30 year jumbo rates have been hovering above 4.00 percent for weeks now but will head higher this week. The lowest 30 year jumbo refinance rates with points in our database are well below the average rate. For example, the lowest jumbo rates with points in Florida are at 3.75 percent with 1 point.

15 year jumbo mortgage interest rates are averaging 3.42 percent, an increase from last week's average 15 year jumbo rate of 3.39 percent. Currently, on our rate table for the state of Connecticut the lowest 15 year jumbo refinancing rates are at 2.875 percent with 1 point. The lowest 15 year jumbo rate without points in CT is at 3.00 percent.

Feel free to search our database for rates in your state, best of all you don't have to provide any personal information to view a list of rates.
Author: Brian McKay
January 27th, 2013