Mortgage Loan Rates For Friday December 28, 2012

Mortgage rates had a second day of mild improvement on Friday. To call them the “best rates of the week” is a bit disingenuous as trading was scarce on Wednesday after being closed for the holiday on Tuesday. Some finance reporters expressed surprise on Friday that markets aren’t reacting more to the uncertainty over the fiscal cliff; that said, don’t expect anything but potential volatility over the coming days--there’s a weekend session for the House of Representatives and it would not surprise Washington insiders to learn of an 11th hour measure aimed at reaching some kind of interim solution.

There’s no way to predict what will happen over the weekend or Monday, but either way news outlets will have a major story to report leading up to the new year. The fiscal cliff story, in connection with mortgage rates, is beginning to wear thin in the minds of some--come January 1st, 2013 we’ll have a different set of issues to watch that could affect mortgage loan and refinancing loan rates.

Whether those issues are a slightly different variation on the “when will they fix this?” headlines remains to be seen. Some financial advisors are saying there is more risk to “floating” over the next few days...but other factors that could affect mortgage loan rates include reports of holiday spending. Some anticipate that such reports will be more negative than anticipated, which could help keep rates low.

Here are the mortgage loan rates for Friday December 28, 2012. These are best execution rates, which means depending on the borrower’s qualifications and lender participation, your experience may vary.

30-year fixed rate conventional mortgage rates: 3.375%
FHA/VA mortgage loan rates: 3.25% (Though you may experience greater variation between lenders than with a conventional loan equivalent.)
15-year fixed rate mortgages:  2.875% - 2.75%
5-year adjustable rate mortgages: 2.625-3.25% (These rates vary based on the lender.)

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