Mortgage Loan Rates For Wednesday January 30 2013

If you’ve been holding out for a better rate for a new purchase home loan or refinance loan, this is definitely not your week. Mortgage rates were higher early today as early bond market trading pressured those rates along with additional stress from the morning Gross Domestic Product announcement.

There were some changes for the better with the anticipated Fed Policy Announcement---the Fed announced in a press release today that “the Committee will continue purchasing additional agency mortgage-backed securities at a pace of $40 billion per month and longer-term Treasury securities at a pace of $45 billion per month.”

The Federal Open Market Committee announcement was seen by many as the potentially biggest X-factor affecting mortgage rates and related market activity today. But sources report that the Gross Domestic Product announcement wound up having the biggest impact instead.

By the end of the day, mortgage loan rates for conventional 30-year fixed rate loans are reported at 3.625% best-execution with many showing changes in closing costs rather than increased interest rates. At the end of the day, rates seemed to be trying to recover, but it wasn’t enough to send the best execution below 3.625%.

Tomorrow will be an interesting day as traders are likely playing it safe until the other major announcement that will push rates and/or costs one way or the other--Friday’s scheduled Employment Situation Report could bring more upward pressure or act as a sort of steam valve for rates--there’s no way to tell what the effect of good-for-mortgage-rates news from that announcement might have, but if the news is bad for rates, could we see those 30-year conventional fixed rates trend upwards of today’s best-execution numbers?

It’s a difficult short-term period for rates and some of the more reputable industry professionals are using phrases like “coin toss” to describe what they think MIGHT happen on Friday.

Here are the mortgage loan rates for Wednesday, January 30, 2013. These are best execution rates and assume ideal circumstances including financial qualifications and a participating lender. Use these numbers as a baseline, not a promise that you’ll find these exact rates at a given financial institution. Your qualifications may affect your ability to obtain the most competitive rates.

30-year fixed rate conventional mortgages: 3.625%
FHA and VA mortgage rates: Between 3.25% and 3.5% (FHA and VA rates may vary more between lenders than conventional equivalents.)
15-year fixed rate mortgages: Between 2.875% and 3.00%
5-year adjustable rate mortgages: Between 2.625% and 3.25%

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