Mortgage rates rise slightly in final January survey

Gold house on top of arrayed dollar bills

All four types of mortgage rates we track rose slightly this week, according to’s most recent survey of major lenders.

But the average cost of those home loans remain near the record lows they set earlier this month.

President Barack Obama told Congress during Tuesday's State of the Union address that he will introduce new legislation that would allow every homeowner who is current on their loan the chance to refinance at those rates.

The new program will focus on borrowers who can't qualify for a new loan because they owe more than their homes are currently worth.

Current government programs only aid underwater borrowers whose loans are owned or guaranteed by a government agency such as the Federal Housing Administration, Fannie Mae or Freddie Mac.

The new effort will seek to extend that effort to underwater borrowers whose loans are owned by private lenders.

The White House says details of the program will be released in a few weeks when the legislation is ready for Congress to consider.

"Responsible homeowners shouldn't have to sit and wait for the housing market to hit bottom to get some relief," Obama said Tuesday. "No more red tape. No more runaround from the banks."

Our Jan. 25 survey found the average interest rate for a:

30-year, fixed-rate loan rose to 4.25% after remaining at 4.18%, the record low it first reached on Jan. 4, for three consecutive weeks.

15-year, fixed-rate loan increased from 3.39% to 3.45% this week. The former all-time low point for this type of loan came on Jan. 11, when rates sank to 3.38%.

30-year, fixed-rate jumbo loan -- mortgages that exceed $417,000 to $625,000, depending on the city -- increased from a record low of 4.58% to 4.62%.

5-year, adjustable-rate loan -- loans where the initial interest rate remains fixed for the first five years and then changes once a year -- increased from 3.06% last week to 3.09% this week. The all-time low for this type of loan was 3.04% reached on Jan. 11, 2012.

Our database of interest rates can help you find the best deals in your area, including many that are less costly than the national averages.

You can use our mortgage calculator to determine the monthly payments for the exact amount you want to borrow with this or any home loan.

It will also provide a month-by-month amortization schedule that shows how much you've reduced your debt and how much you still owe.

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