Mortgage Loan Rates For Thursday January 31, 2013

The last day of the first month of 2013 is one many paying close attention to mortgage loan rates are happy to put behind them. It’s been a rough month for rates, which started at or near late 2012 levels but eventually got pressured higher due to overseas market activity, domestic economic news, and some back-and-forth by the Fed on quantitative easing.

On Wednesday markets that affect mortgage rates--including mortgage-backed securities--had a bad reaction to the Gross Domestic Product announcement, which was NOT the market mover expected yesterday. The FOMC announcement was supposed to be the news item to watch. Compared to the market reaction to GDP, that was practically anti-climatic.

What could Thursday bring after markets opened higher the day before, tried to recover by end-of-day, but managed only to stay at the “new” higher mortgage loan rates? Many insiders looked to Thursday only as a day to hunker down and wait since another big announcement is due on Friday--the anticipated Employment Situation Report could push rates higher, lower, or as with the FOMC announcement everyone was was looking to on Wednesday, the market could just shrug and move on.

How “defensive” was Thursday in light of all this? Market activity was subdued and while there was a slight improvement in rates reported, most borrowers will likely find these improvements--where available--coming in the form of small reductions in associated costs for mortgage loans or refinance loans instead of actual lower mortgage rates. Not all lenders revised their rates to reflect the marginal gains. According to a variety of sources, today was indeed the market hunkering down and waiting for tomorrow’s big news which will be released in the morning.

Here are the mortgage loan rates for Thursday January 31, 2013. These are best-execution rates and your own experience may vary depending on a variety of factors including your financial qualifications and a participating lender. These rates may not be available from all lenders.

Today's Mortgage Rates

30-year fixed rate conventional mortgage rates: 3.625%
FHA and VA mortgage loan rates: Between 3.25% and 3.5% (FHA and VA mortgage 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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