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Mortgage rates for Jan. 24, 2013

 

I'm Greg McBride with Bankrate.com and here is your weekly look at mortgage rates.

Fixed mortgage rates rebounded after a week full of better economic news, good corporate earnings reports, and a delay in the contentious debt ceiling debate. The benchmark 30-year fixed mortgage rate increased to 3.66 percent, just shy of where it was two weeks ago at 3.67 percent.

The 15-year fixed mortgage rate climbed to 2.94 percent, a 4-month high, and the larger jumbo 30-year fixed mortgage rate settled at 4.08 percent.

Adjustable mortgage rates were all over the map, with the 3-year ARM increasing to 2.96 percent, the 5-year ARM dropping to 2.71 percent, and the 7-year ARM holding at 2.88 percent.

The past week saw positive reports on housing starts and a drop in weekly unemployment claims, which coupled with continued good news on the corporate earnings fronts, powered mortgage rates higher. With the debt ceiling debate delayed, the most dire economic scenarios are alleviated for now, which should keep a floor under mortgage rates at least until talk of government spending cuts heats up.

Be sure to shop around for the best mortgage terms. To find the lowest mortgage rates in your area, use the free search engine at Bankrate.com.

I'm Greg McBride.

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Mortgage Overnight Averages
Product Rate +/- Last week
30 yr fixed mtg
3.66% 3.58%
15 yr fixed mtg
2.79% 2.72%
5/1 ARM
2.59% 2.57%
30 yr fixed mtg refi
3.64% 3.57%
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