Mortgage rates for Jan. 5, 2012



I'm Greg McBride, senior financial analyst with and here is your weekly look at mortgage rates.

The new year is starting off with new record lows for mortgage rates. Mortgage rates drifted slightly lower this week, but it was enough to establish new record lows on the 30-year fixed, 15-year fixed, and jumbo 30-year fixed rate mortgages. The average 30-year fixed mortgage rate slid to 4.18 percent, while on larger jumbo mortgages the average rate is now 4.62 percent. The average rate on a 15-year fixed rate mortgage is 3.4 percent. Again, each of those is at a record low.

Adjustable rate mortgages were mixed, with the 3-year adjustable sinking to 3.45 percent while the 10-year inched higher to 3.77 percent.

The movement in mortgage rates continues to be very slight. In the past two months, the average 30-year fixed mortgage rate has remained in a range of less than one-tenth of a percentage point. This type of calm hasn't been seen in nearly two years. But with the European debt crisis still fluid, and an upcoming report on U.S. job growth, two potential catalysts for a more significant move are on the horizon.

Whether mortgage rates are setting new lows or not, it is important to shop around. To find the lowest mortgage rates in your area, use the free search engine at

I'm Greg McBride.



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