Mortgage rates were mixed in the week ending Jan. 20. According to Freddie Mac's weekly survey 30-year fixed rates rose three basis points to 4.74%, after two weeks of declines. Meanwhile, 15-year fixed rates slipped three basis points to 4.05%.

With the no-point rate holding near 5%, refinancing activity is likely to remain muted as a large percent of the credit-eligible 30-year fixed mortgage rate has little incentive, while many borrowers remain constrained by low housing values and tight credit conditions. For the week ending Jan. 14, the Mortgage Banker Association's Refinance Index stood at 2390, down 53% from early October when mortgage rates were in the 4.20%-4.30% area.  

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