Mortgage rates for Jan. 12, 2012



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

Mortgage rates were mostly lower this week, with the exception being the average 30-year fixed mortgage rate. It held at the record low of 4.18 percent.

But records fell across the board on other mortgage products, both fixed and adjustable rate loans.

The average 15-year fixed mortgage, which is popular for refinancing, reset a record low at 3.38 percent. So too did the jumbo 30-year fixed mortgage which dropped to 4.6 percent.

Adjustable rate mortgages were on the move too, with the 1-year, 3-year, and 5-year adjustables all hitting new lows. The 7-year and 10-year adjustable rates were down, to 3.29 percent and 3.72 percent, respectively, but those have not yet breached the record lows established last fall.

Despite the more positive tone to U.S. economic data, including an improved job picture, it is the European debt crisis that is still keeping a lid on mortgage rates.

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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