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

Recovering Housing Market and Economy Lead to an Increase in Mortgage Rates for Now

A slew of positive housing reports released in 2012 coupled with positive news about the economy is sending bond yields higher. As a result, mortgage rates have moved higher as well. In this week's Primary Mortgage Market Survey released by Freddie Mac, average 30 year conforming mortgage rates are at the highest point since September of 2012.

While mortgage rates have increased the past several weeks, rates won't move that much higher. The Federal Reserve is still buying $85 billion a month of mortgage-backed securities to force rates lower. This will keep downward pressure on rates in 2013. 30 year conventional mortgage rates averaged 3.53 percent with 0.7 mortgage point for the week ending January 31, 2013.

30 year mortgage rates today are even higher, averaging 3.60 percent but you can find lenders quoting mortgage refinance rates well below the averages. Currently, the lowest 30 year refinance rates quoted in our rate table for California are at 3.125 percent with 2 mortgage points. The lowest California refinance rates without points are quoted at 3.369 percent, below the average rates.

15 year mortgage rates in Freddie Mac's mortgage rate survey averaged 2.81 percent with 0.7 point, an increase from the prior week's average of 2.71 percent. Current mortgage rates on 15 year conventional home loans are higher, averaging 2.93 percent but we have lenders quoting rates well below the averages.

Right now the lowest 15 year conforming refinance rates in the state of Texas are at 2.25 percent with 2 mortgage points. The lowest 15 year Texas refi rates without points are at 2.625 percent. The lowest 15 year refinancing rates in the state of Florida are also at 2.375 percent with 1.448 mortgage points and the lowest rates without points in Texas are at 2.75 percent.

5 year adjustable mortgage rates averaged 2.70 percent in Freddie's survey for the week ending January 31, up from the prior week's average adjustable mortgage rate of 2.67 percent.  The lowest 5 year adjustable refinance rates in our database for the state of Massachusetts are considerably lower at 1.50 percent with 1.72 points. The lowest 5 year refinance rates without points in MA are at 2.125 percent.
Author: Brian McKay
February 2nd, 2013