Mortgage Rates Two Days Before 2011

Today, two days before the new year, your New Year’s Eve plans might be fresher in your mind than mortgage rates. But before you set your plans for New Years, visit Total Mortgage’s site and take a brief minute to check the current mortgage rates. An economical New Year’s resolution might be to save money by refinancing your current mortgage and reducing your payments each month. Another logical resolution might be to pay off your home loan sooner by refinancing into a shorter term. News Roundup: Mortgage rates increased this week, and the average conforming thirty-year fixed mortgage rose to 5.02 percent, according to Bankrate.com’s weekly national survey. The average 30-year fixed mortgage has an average of 0.44 discount and origination points. Initial claims for state unemployment benefits dropped 34,000 to a seasonally adjusted 388,000, as reported by the Labor Department. This amount of claims was about 6.5% less than the 415,000 claims that analysts predicted. A slight decline in jobless claims indicates that the economy is improving and that mortgage rates might be rising. The four-week average of new jobless claims, considered to be a more accurate benchmark of unemployment trends, dropped 12,500 to 414,000, the lowest level since the week ending July 26, 2008. China’s yuan surged against the U.S. dollar to a record high late Thursday. The yuan has now risen 1.2 percent from a low point on Dec. 20, marking one of its fastest series of gains since the currency was depegged from the dollar in mid-June, reported Reuters. The yuan has now jumped 3.4% since it was depegged. Trading professionals predict the yuan will gain even more in 2011. Fixed Rate Mortgages are probably the favorite mortgage in the United States. Their steady payments and low mortgage rates make them an attractive option for many borrowers. Borrowers who qualify can get 30 year fixed rate mortgages at a 4.625 percent mortgage rate with 4.834 percent APR. Borrowers can also secure 15 year fixed rate mortgages at a 4.000% rate and 4.359% APR.