Today is Thursday, January 22, 2009 and here are this morning’s typical mortgage rates.

Mortgage rates remain at historic lows. Several things go into determining what mortgage rate you’ll qualify for, but here are some general rates for Thursday, January 22, 2009 (as of 10:40 am) 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 $200,000 home loan (for a $250,000 home with a 20% down payment) from Quicken Loans for January 22, 2009 as of 10:40 am ET are as follows:

Loan Option 30-Year Fixed 30-Year VA Loan FHA Express 15-Year Fixed
Monthly Mortgage Payment (Including taxes and insurance) $1,058 $1,150 $1,174 $1,505
Mortgage Rate 4.875% 5.50% 5.00% 4.25%
APR 5.074% 5.671% 5.223% 4.627%
Points 1.75 1.375 2 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.

That’s it for now.

We’ll post updated rates (they may or may not change – it really depends on the financial markets) later today. Have a great morning!

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