Mortgage rates were largely unchanged from one week ago, with the average 30-year fixed mortgage rate remaining at 5.34 percent. According to Bankrate.com's weekly national survey, the average 30-year fixed mortgage has an average of 0.41 discount and origination points.

The average 15-year fixed rate mortgage sank below the 5 percent threshold to 4.93 percent and the average jumbo 30-year fixed rate dipped to 6.92 percent. Adjustable rate mortgages were mixed, with the average 1-year ARM pulling back to 5.47 percent and the 5/1 ARM holding at 5.37 percent.

Mortgage rates finished where they started one week ago after yo-yoing up and down in the days preceding President Obama's housing announcement. With the government committed to keeping mortgage rates low and recession fears continuing to grip investors, mortgage rates may head lower in the weeks to come. But an opposite force that cannot be ignored is the risk that foreign central banks that buy so much U.S. government debt will turn away amid the surge in issuance by the Treasury. If foreign banks do curtail their purchases, that would drive interest rates higher for government, corporate, and consumer borrowers.

Mortgage rates remain significantly lower than six months ago. Back in August, the average 30-year fixed mortgage rate was 6.66 percent, meaning a $200,000 loan would have carried a monthly payment of $1,285.25. With the average rate now at 5.34 percent, the monthly payment for the same size loan would be $1,115.58, a savings of $170 per month for a homeowner refinancing now.