Here is today's look at best mortgage rates provided by HSH.com, Mortgage News Daily and other sources. These do not include loan-level risk-based price adjustments imposed by Fannie Mae and Freddie Mac. Note that average mortgage rates are typically higher than the best mortgage rates, because average rates include surcharges for risks associated with property types, down payments and borrower credit scores. To be eligible for the best rates, borrowers need excellent credit with a score of 740 or better, a sizable down payment or equity amount of 20 to 25 percent and stable, adequate, verifiable income. In addition, the property must be located in a healthy, not declining market and must be conventionally built. Condominiums, manufactured homes and farms do not apply.

*** JUMBO AND CONFORMING MORTGAGE RATES HIT LOWEST POINT EVER ***

Shopping for jumbo mortgage rates differs from comparing conforming (Fannie Mae and Freddie Mac) or government-backed FHA home loans. Because those conforming and government-backed loans are standardized and readily sold as investments, their prices are kept lower; that's because a highly liquid market ensures maximum competition among lenders.

Jumbo loans, on the other hand, come with as many sets of guidelines and pricing as there are investors to back them. Jumbo loans may be held by pension funds, insurance companies, local banks, private investors and other groups. Each group of investors decides what sort of loan it's willing to make and how much it wants to charge. Supply and demand forces push pricing within the established parameters.

The effect is that jumbo mortgage pricing varies considerably more than conforming loans and guidelines differ more. If you're in the market for a jumbo mortgage, that means you need to shop carefully on sites like Shoprate.com.

If closing in the next 45 DAYS, I would LOCK my rate. Otherwise, I'd FLOAT my rate. This is only an opinion: What I would do if I were closing a mortgage at this time. Your decision may depend on other factors, such as the strength of your loan approval and your tolerance for risk.

Here is today's look at best mortgage rates provided by HSH.com, Mortgage News Daily and other sources. These do not include loan-level risk-based price adjustments imposed by Fannie Mae and Freddie Mac. Note that average mortgage rates are typically higher than the best mortgage rates, because average rates include surcharges for risks associated with property types, down payments and borrower credit scores. To be eligible for the best rates, borrowers need excellent credit with a score of 740 or better, a sizable down payment or equity amount of 20 to 25 percent and stable, adequate, verifiable income. In addition, the property must be located in a healthy, not declining market and must be conventionally built. Condominiums, manufactured homes and farms do not apply.

*** RATES UP AND DOWN ON MIXED ECONOMIC NEWS ***

We got two major pieces of economic news today, but they provided no real guidance on the direction of mortgage rates. It's like when two expert witnesses testify in court and disagree on every point.

First, the fourth-quarter Gross Domestic Product (GDP) growth announcement came in at 2.8 percent. A 3.2 percent reading was expected, so the economy looks less healthy than expected. This was a big deal: GDP is considered the best indicator of economic strength or weakness.

Then, the University of Michigan broadcast its revision to the Index of Consumer Sentiment for January. The 75.0 reading exceeded the anticipated 74.2. Consumers appeared to be more optimistic than previously thought, causing bond prices to backpedal and some lenders to reprice for worse. In the absence of any real trend, I'd hold off locking.

If closing in the next 7 DAYS, I would LOCK my rate. Otherwise, I'd FLOAT my rate. This is only an opinion: What I would do if I were closing a mortgage at this time. Your decision may depend on other factors, such as the strength of your loan approval and your tolerance for risk.

Here is today's look at best mortgage rates provided by HSH.com, Mortgage News Daily and other sources. These do not include loan-level risk-based price adjustments imposed by Fannie Mae and Freddie Mac. Note that average mortgage rates are typically higher than the best mortgage rates, because average rates include surcharges for risks associated with property types, down payments and borrower credit scores. To be eligible for the best rates, borrowers need excellent credit with a score of 740 or better, a sizable down payment or equity amount of 20 to 25 percent and stable, adequate, verifiable income. In addition, the property must be located in a healthy, not declining market and must be conventionally built. Condominiums, manufactured homes and farms do not apply.

*** FED PESSIMISM BRINGS RATES DOWN ***

Fed activity drove mortgage rates lower today. First, the Federal Reserve released its FOMC meeting minutes, which revealed that its outlook for economic growth is worse than previously expected -- improving, but at slower rate than previously estimated. The Fed therefore expects to keep key interest rates pinned down until late 2014, so don't expect interest rates to spike upward for a while.

Jumbo loans were the big winners today, with a 0.10 percentage point rate drop -- that's about 0.5 percentage points less in fees to get yesterday's rate.

If closing in the next 30 DAYS, I would LOCK my rate. Otherwise, I'd FLOAT my rate. This is only an opinion: What I would do if I were closing a mortgage at this time. Your decision may depend on other factors, such as the strength of your loan approval and your tolerance for risk.

Here is today's look at best mortgage rates provided by HSH.com, Mortgage News Daily and other sources. These do not include loan-level risk-based price adjustments imposed by Fannie Mae and Freddie Mac. Note that average mortgage rates are typically higher than the best mortgage rates, because average rates include surcharges for risks associated with property types, down payments and borrower credit scores. To be eligible for the best rates, borrowers need excellent credit with a score of 740 or better, a sizable down payment or equity amount of 20 to 25 percent and stable, adequate, verifiable income. In addition, the property must be located in a healthy, not declining market and must be conventionally built. Condominiums, manufactured homes and farms do not apply.

*** POOR STOCK EARNINGS DRIVE MORTGAGE RATE DECREASE ***

U.S. and European stock markets wilted today in the face of disappointing earnings reports from companies like Travelers, Verizon and McDonald's. Apple was the only bright star, reporting record-setting sales last quarter. Greece was once again cause for concern as it struggles to put togather a deal to avert a March default on its 14 billion euro payment.

But wait, there's more! The International Monetary Fund dropped its expectations for the world economy, warning that Europe's debt problems are reaching crisis proportions. Bonds and mortgage rates saw a tiny benefit from the turmoil, and rates dropped a couple of basis points.

If closing in the next 30 DAYS, I would LOCK my rate. Otherwise, I'd FLOAT my rate. This is only an opinion: What I would do if I were closing a mortgage at this time. Your decision may depend on other factors, such as the strength of your loan approval and your tolerance for risk.

Here is today's look at best mortgage rates provided by HSH.com, Mortgage News Daily and other sources. These do not include loan-level risk-based price adjustments imposed by Fannie Mae and Freddie Mac. Note that average mortgage rates are typically higher than the best mortgage rates, because average rates include surcharges for risks associated with property types, down payments and borrower credit scores. To be eligible for the best rates, borrowers need excellent credit with a score of 740 or better, a sizable down payment or equity amount of 20 to 25 percent and stable, adequate, verifiable income. In addition, the property must be located in a healthy, not declining market and must be conventionally built. Condominiums, manufactured homes and farms do not apply.

LOCK ALERT *** MORTGAGE COSTS UP 0.125 PERCENT ***

With no economic news today, mortgage and bond rates will largely be pushed around by events in the stock markets. The markets are opening up strong, sucking the life out of mortgage-backed securities and bond markets and increasing borrower costs by about 0.125 percent of a discount point. Alarm bells are officially going off for those of you getting a mortgage. If you're closing any time in the next month, I say lock; this trend is not your friend.

If closing in the next 30 DAYS, I would LOCK my rate. Otherwise, I'd FLOAT my rate. This is only an opinion: What I would do if I were closing a mortgage at this time. Your decision may depend on other factors, such as the strength of your loan approval and your tolerance for risk.