Mortgage rates slipped a few basis points in the week ending Jan. 6. According to Freddie Mac, 30-year. fixed mortgage rates averaged 4.77% with an average 0.8 point, down nine basis points from last week. Still, the no-point rate remains near 5% and removes many borrowers from the refinancing window.

In fact, according to FTN Financial analysts, less than 18% of the 30-year conventional market is refinanceable — assuming 50 basis points are in the money — after taking loan balance, LTV and FICO into account.

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