Record-setting January continues for mortgage rates

House on sheet of bills

Jumbo mortgage rates reached yet another low point this week, according to’s most recent survey of major lenders.

Jumbo rates experienced a series of incredible declines last year -- and so far, 2012 has been another good year for homeowners who need a loan that, depending on the city, exceeds $417,000 to $625,000.

In the last week of December, the average cost of jumbo loans reached a new low of 4.64%. They then declined again, to 4.62% in the first week of January 2012.

This week, jumbo loan rates fell from 4.60% -- the record low they’d reached just last week -- to 4.58%, their lowest point since we started tracking jumbo rates in 1998.

This time last year, the average cost for a jumbo loan was considerably higher -- 5.51%.

Homeowners hoping to get a 30-year, fixed-rate mortgage are also in luck this week: Rates are still at the record level they reached on Jan. 4.

Our Jan. 18 survey found the average interest rate for a:

30-year, fixed-rate loan held steady at 4.18% for the third week in a row. This type of mortgage loan first reached its record 4.18% rate on Jan. 4. Its previous low point, 4.19%, was on Dec. 14, 2011.

15-year, fixed-rate loan rose slightly from 3.38% -- the new low point it hit just last week -- to 3.39% this week.

5-year, adjustable-rate loan, loans where the initial interest rate remains fixed for the first five years and then changes once a year, also increased slightly, moving from 3.04% -- the record low it plummeted to last week -- to 3.06% this week.

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 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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