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  4. Today’s Mortgage Rates – January 24, 2009
Today is Saturday, January 24, 2009 and here are today’s average mortgage rates.

Mortgage rates remain low from the close of the financial markets yesterday. Several things go into determining what mortgage rate you’ll qualify for, but here are some general rates for Saturday, January 24, 2009 (as of 2:00 pm) that can get you started. Below the rates you’ll see a short explanation of the assumptions we make to give you these rates. The assumptions may not apply to everyone and are merely a way for us to offer rates based on an average person’s situation.

Remember, many factors affect the mortgage rate you may qualify for, including credit score, income, debt, and home value.

Mortgage rates on a typical $240,000 home loan (for a $300,000 home with a 20% down payment) from Quicken Loans for January 24, 2009 as of 2:00 pm ET are as follows:

  • 30-Year Fixed
    • Monthly Mortgage Payment (includes taxes and insurance) – $1,528
    • Mortgage Rate – 4.875%
    • APR – 5.055%
    • Points – 1.625
  • 30-Year VA Loan
    • Monthly Mortgage Payment (includes taxes and insurance) – $1,638
    • Mortgage Rate – 5.50%
    • APR – 5.64%
    • Points – 1.125
  • FHA Express
    • Monthly Mortgage Payment (includes taxes and insurance) – $1,743
    • Mortgage Rate – 5.50%
    • APR – 5.628%
    • Points – 1
  • 15-Year Fixed
    • Monthly Mortgage Payment (includes taxes and insurance) – $2,064
    • Mortgage Rate – 4.25%
    • APR – 4.615%
    • Points – 2

For these rates, we make a few assumptions, including: Mortgage rates could change daily. Actual payments will vary based on your individual situation and current rates. Some products may not be available in all states. Lending services may not be available in all areas. Some restrictions may apply. Based on the purchase/refinance of a primary residence. We assumed (unless otherwise noted) that: closing costs are paid out of pocket; this is your primary residence and is a single family home; debt-to-income ratio is less than 30%; and credit score is over 720. The lock period for your rate is 45 days. If LTV > 80% PMI will be added to your monthly mortgage payment.

Please remember that we don’t have all your information. Therefore, the rate and payment results you see from this calculator may not reflect your actual situation. Quicken Loans offers over a hundred loan products. You may still qualify for a loan even if your situation doesn’t match our assumptions.

Those are our rates for this Saturday afternoon. We’ll have rates tomorrow afternoon. Until then enjoy the rest of your weekend!

Related Info

Get today’s mortgage rates for Saturday January 24, 2009.
Check out more of Quicken Loans great loan options, from 30-year fixed to FHA loans to VA loans.
Learn more about the 30-year fixed-rate mortgage, our top home loan.

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