Mortgage Interest Rates: Mortgage Interest Rates Hover Above All Time Low

There were a few big announcements today including the one where the Treasury said they’ll hold a monster $118 billion dollar auction of 2, 5, and 7 year Treasuries next week sure to affect mortgage interest rates. Jobless claims fell as expected this week. The Dow dropped -93.87 (.90%) closing at 10,332.44. Prices of Mortgage Backed Securities of which mortgage interest rates move opposite are flat. The Fed purchased $16 billion in agency Mortgage Backed Securities this week in a continued effort to keep mortgage interest rates low and clear up cash to lend. Freddie Mac said today in their weekly mortgage rates survey that the conforming 30 year fixed interest rate averaged 4.83% Monday through Wednesday of this week, down from 4.91% last week. The benchmark 10 year treasury yield, used to forecast conforming mortgage rates, is down .017 (.051%) and at 3.349% at closing today. The benchmark yield was under 3.2% when 30 year fixed interest rates neared 4.5% about 2 months ago.

Today’s Mortgage Interest Rates
FreeRateUpdate.com researches wholesale mortgage lenders rate sheets to determine current interest rates. This is both the most accurate and unbiased way to determine rates. FreeRateUpdate.com research of wholesale lenders current interest rates shows no change today and no much for mortgage interest rates to go higher.

Current 30 Year Fixed Mortgage Interest Rate
The conforming 30 year fixed mortgage interest rate continues to hold at 4.625% at par. Only a handful of lender’s are offering this rate as the more prominent 30 year fixed interest rate available is 4.75%. Any significant improvement in the secondary mortgage market will drive the 30 year fixed rate to the magic number of 4.5. As mentioned above Freddie Mac reported the average 30 year fixed rate at 4.83% this week.

Other Current Interest Rates
The current 15 year fixed interest rate continues to hold at 4.25%. Closing costs are relatively low on this program due to pricing improvements this week affecting the money lenders are paid for delivering this rate. 5/1 ARM rates are at 3.75%, historically low. 5/1 ARM’s are not recommended for anyone staying in the loan for more than 5 years, or the home for that matter. The current 20 year fixed rate is 4.5%.



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