Today, on the 30th of December, your plans for New Years Eve may be more important to you than current mortgage rates. But before you set your plans for tomorrow, take a few minutes to look at the current mortgage rates on the Total Mortgage site. An economical New Year's resolution might be to save money by refinancing your current mortgage and reducing your monthly payments. Another beneficial New Year's resolution could be to pay off your home loan sooner by refinancing into a shorter term.

News Roundup:

Mortgage rates are still increasing this week, while the average conforming thirty-year fixed mortgage rose to 5.02%, according to Bankrate.com's weekly national survey. The average 30-year fixed mortgage has an average of 0.44 discount and origination points. Initial claims for state unemployment benefits dropped 34,000 to a seasonally adjusted 388,000, as reported by the Labor Department. The 388,000 claims was almost 30,000 less than what analysts predicted. A slight decline in jobless claims indicates that the economy is improving and that mortgage rates might be rising. The four-week average of new jobless claims, thought to be a more accurate yardstick of employment trends, dropped 3.02 percent to 414,000, the lowest level since the week ending July 26, 2008.

Late Thursday, China's yuan experienced record-highs in comparison to the U.S. dollar. The yuan has now risen 1.2 percent from a low hit on Dec. 20, marking one of its fastest series of gains since the currency was depegged from the dollar in mid-June, reported Reuters. It has now gained 3.4 percent since the depegging. Currency traders expect that the yuan will increase in value more in 2011.

FHA Mortgages have become a top home loan option because of their simpler qualification guidelines. FHA mortgages are especially popular with first time home buyers due to their low (3.5%) down payments. A 30 year fixed FHA mortgage can be secured at a 4.375 percent interest rate and 5.775% APR.