Mortgage rates made a modest weekly ascension. While the long-term economic outlook has interest rates on residential loans climbing, the short-term forecast is for a sharp drop.

Thirty-year fixed rates on conforming mortgages that were utilized to finance a home purchase and closed during January averaged 4.19 percent.

While it wasn’t much of a bump, long-term interest rates on single-family loans have ascended 2 basis points from their reading the preceding month.

Source: Mortgage Daily