Floating a rate? You might want to lock today. Rates are down.

The benchmark 10 year treasury yield, the best indicator for today’s mortgage rates, is down today significantly dropping to 3.31 from 3.38 (-2.19% ) overall. That’s good news for any mortgage rate shoppers out there. Last Friday the yield, which was at a 4 1/2 month low, shot up unexpectedly over 3 percent overall. As a result mortgage lenders were forced to adjust their mortgage rates for the worse. 30 year fixed mortgage rates went from near 4.5 percent to 4.875 percent at par.

Today’s 30 year fixed mortgage rate

The big drop in the yield today is a strong indicator mortgage lenders will adjust their rates for the better shortly. It’s likely 30 year fixed mortgage rates will drop an 1/8 to a 1/4 percent. Mortgage rates today opened at 4.875 percent, 30-years fixed, at par. Par is the lowest mortgage rate available any given day without any additional points required to be paid by the borrower.

Today’s 30 year fixed mortgage rates – Zillow

Zillow reports the national average 30 year fixed conforming mortgage rate at 4.96 percent. As mentioned above the drop in the t-yield is a strong indicator this figure will decline throughout the day.

What’s Driving Today’s Mortgage Rates

They say the key fed rate doesn’t directly effect fixed mortgage rates. That’s true. That being said bond prices were driven up today on speculation the fed will not raise interest rates until late next year. As bond prices go up, yields, which move the opposite go down. Fixed mortgage rates tend to move with the yields.

Today's 30 Year Fixed Mortgage Rate is 4.875 Percent

The benchmark 10 year treasury yield swung upward Friday big time to 3.38, up over 3 percent overall from a 4 1/2 month low the yield reached Thursday afternoon. The yield, the best indicator for conforming fixed 30-year mortgage rates, has been on a steady decline for the past 2 1/2 months. Today’s mortgage rates are slightly higher than last week.

Today’s 30 Year Fixed Mortgage Rates

FreeRateUpdate.com research of wholesale lenders mortgage rates today shows 30 year fixed mortgage rates of 4.875 percent at par. Zillow shows a current national average 30 year fixed mortgage rate of 4.98 percent, up from just 4.85 percent late last week.

Other Mortgage Rates Today

FreeRateUpdate.com research of wholesale mortgage lenders shows 15 year fixed mortgage rates today of 4.25 percent, at par. 5/1 ARM mortgage rates today are at 3.75 percent at par. Par rates are the lowest rate a lender can offer without charging additional points and fees.

Today’s Mortgage Rates Forecast

Mortgage rates opened last week very low and declined slightly before shooting up Friday afternoon. This week brings lots of quarterly earnings reports as well as retail sales data which always has an impact on mortgage rates. Sticking with the theory the 10 year yield is going to waiver between 3 and 3.3 for the year, we see current mortgage rates as being on the high end and forecast a very slight decline this week. Still Freddie Mac will report in it’s weekly survey higher mortgage rates than last week due to Friday’s spike up.

Mortgage interest rates spiked Friday.

Current mortgage interest rates are up a 1/4 percent from Thursday’s lows. The benchmark 10 year treasury yield, used to forecast current mortgage rates, spiked Friday afternoon to 3.38 after being as low as 3.164 just Thursday, a 4 1/2 month low. Following the dramatic increase in the yield mortgage lenders adjusted their rate sheets several times yesterday for the worse. Mortgage interest rates finished the day up about a 1/4 percent, perhaps a little more on average, from where they were Thursday.

Current Mortgage Rates by Product

FreeRateUpdate.com research of wholesale lenders current mortgage rates shows the following products interest rate at par.

• Current 30 year fixed mortgage interest rates are at 4.875 percent.
• Current 20 year fixed mortgage interest rates are at 4.75 percent.
• Current 15 year fixed mortgage interest rates are at 4.25 percent.
• Current 5/1 ARM mortgage rates are at 4 percent.

The Future for Mortgage Interest Rates

The past 2 years rates have bottomed during the holiday season. Despite the big jump Friday rates have been on a steady decline for almost 3 months. 30 year fixed mortgage rates have dropped from almost 5.5 percent to almost 4.5 percent in a span of just months. According to analysts from Goldman Sachs the 10 year treasury yield, the leading indicator for conforming 30 year fixed mortgage rates, will waiver between 3 and 3.3 for the rest of the year. If that’s the case expect low rates with Friday’s 4/625 percent 30 year fixed being the lowest. We shouldn’t see fixed mortgage rates higher than 5.25 percent for the rest of the year.

Current mortgage rates are rising fast

Well, so much for 4.5 percent on a 30-year fixed, at least for now. Current mortgage rates are up already almost a 1/4 percent this morning as the benchmark 10 year treasury yield has sky rocketed, up a whopping 0.1210 (3.72%). Lender’s have began adjusting their current mortgage rates accordingly as mortgage interest rates have gone from 4.625 percent and very near 4.5, to 4.75 percent, 30-years fixed. The benchmark 10 year treasury yield was at a 4 1/2 month low driving mortgage rates down to the mid 4′s sparking a 16 percent increase last week in mortgage applications as reported by the Mortgage Banker’s Association. Freddie Mac released their weekly mortgage rates survey yesterday saying 30 year fixed mortgage rates averaged 4.87 percent Monday through Wednesday.

Current 30 Year Fixed Mortgage Rate, After Today’s Yield Spike.

We’ve seen mortgage lender’s adjust their current 30 year fixed rate to 4.75 percent and in some cases 4.875 percent in response to this mornings dramatic spike in the benchmark yield.

What can you do to avoid being stuck with a higher mortgage rate?

If you’re in the process of a loan and havn’t locked a rate yet, you may want to call your loan officer and tell him to lock now. That’s if the lender has been slow to adjust their rates, which is doubtful but possible. Also in order for that to work, you need to have all your information uploaded to the lender already otherwise it’s not going to happen quick enough.

Other Current Mortgage Rates

• Current 20 year fixed mortgage rates are at 4.625 percent, up an 1/8.
• Current 15 year fixed mortgage rates remain at 4.25 percent but with slightly higher borrowing costs.
• Current 5/1 ARM mortgage rates are at 3.875 percent, up a 1/4.

Current Mortgage Rates Reported by Zillow

Zillow reports 30 year fixed mortgage rates at 4.91 percent nationally and climbing after being at 4.85 percent yesterday.

Ditech Refi Rate Sale – The Rate – 30-yr fixed-rate 4.625 Percent- Good

The Ditech refi rate sale features a single offer which changes daily with the mortgage market and expires on November 30th, 2009. That’s a long sale. Today’s offer of 4.625 percent on a 30 year fixed I’m glad to say matches our reported 30 year fixed mortgage par rate for today. In taking a look at the closing fees involved, based off the advertised APR of 4.842 percent, we noticed this sale comes with points over the standard 1 point of “origination”. That being said, points like a car on a dealership lot, are negotiable.

Ditech Mortgage Rates Versus the Competition

We found Ditech to be one of the most competitive lenders we’ve researched so far. We’re pretty impressed with their offer which seems to bypass the silly haggling over the rate. We’ve noticed many of the big banks, such as Citi mortgage, offering rates far above par, in the low 5′s. We’ve got to assume Citi is hoping customers blindly secure financing through them. They must have it in the back of their minds that if a customer makes a big deal about the rate they’ll lower it because surely they can still make profits with rates 1/2 percent lower. Ditech seems to give their lowest rate right off the bat and for that we must give them a thumbs up. Surely, some will “lose another deal to Ditech” during the refi rate sale.

Ditech Mortgage Rate Forecast

Be aware of a chart of 30 year fixed mortgage rates so far this year, on the Ditech refi rate sale homepage. The chart forecasts that 30 year fixed mortgage rates will spike throughout the rest of 2009. We found this chart to be an extremely bad forecast for mortgage rates. It doesn’t match up with what many analysts have predicted the market will do. It’s pretty obvius though, if someone takes the Ditech mortgage rate forecast to heart, they’ll feel pressure to move now which is probably not a bad idea anyways.

Today's mortgage rate very near 4.5 percent

The benchmark 10 year treasury yield, the leading indicator for 30 year fixed mortgage rates,  dipped to a 4 1/2 month low to 3.175 this afternoon, down big from 3.218 where it opened this morning.  As a result mortgage rates are likely to improve, this afternoon for West Coast banks and tomorrow morning for the rest. Current mortgage rates, already as low as 4.625 percent for a 30 year fixed mortgage, at par, are nearing the psychological barrier of 4.5 percent. 4.5 percent for a 30 year fixed mortgage is the target rate many large companies like Century 21 have lobbied the government to aim for. Why? Many analysts say 4.5 percent for a 30 year fixed mortgage is also the rate that will move the housing market.

Just How Close are Today’s Mortgage Rates to 4.5 Percent, 30-years fixed.

Today’s Mortgage Rates are very near 4.5 percent. Sure Bankrate.com shows 30 year fixed mortgage rates today at 5.11 percent, and Zillow at 4.93 percent. So, what are we talking about?

FreeRateUpdate.com research of wholesale mortgage lender’s current rate sheets shows 30 year fixed mortgages are available as low as 4.625 percent at par. With just an .125 movement in pricing, in other words .125 less in closing costs, 30 year fixed mortgage rates will be at 4.5 percent at par. That means a borrower can obtain a 30 year fixed mortgage at an interest rate of 4.5 percent without paying any additional points and fees.

Current Mortgage Rates as Reported By Zillow, MBA, Freddie

Zillow reports a current mortgage rate of 4.85 percent, 30-years-fixed, as of 4:39 am pst. Freddie Mac weighed in with their weekly report, on average 30 year fixed mortgage rates, this past Thursday, saying 30 year fixed mortgage rates averaged 4.94 percent Monday through Wednesday of that week. The Mortgage Banker’s Association reported the same current mortgage rate as Freddie in their weekly report.

FreeRateUpdate.com Research of Current Mortgage Rates Shows

FreeRateUpdate.com research of 30 year fixed conforming mortgage rates, according to wholesale lender’s mortgage rate sheets, shows the current 30 year fixed mortgage rate at 4.625 percent at par. Today’s 30 year fixed mortgage rate is virtually the same as Monday morning. Par rates do not include any additional points and fees. Regular points and fees are included with a mortgage at “par”. For more on par rates see our mortgage rates page.

Current 15 year fixed mortgage rates are up just a tad from Monday. FreeRateUpdate.com research shows the current 15 year fixed mortgage rate is 4.25 percent at par.

Current 5/1 ARM mortgage rates remain the same and are as low as 3.625 percent at par.

Current Mortgage Rates Low Enough to Boost Mortgage Apps

The mortgage bankers association says mortgage applications were up 16 percent last week. Low mortgage rates have fueled the spike as last week is the first since mid May Freddie announced mortgage rates under 5 percent. With current mortgage rates lower than last week’s expect another increase week over week, great news for housing.

Today's Mortgage Rate Still 4.625 Percent - 30-years fixed at par.

Today’s 30 year fixed mortgage rates have dipped below 5 percent, everybody knows that now. Did you know that 30 year fixed mortgages are at 4.625 percent at par at most wholesale mortgage lenders? It’s a fact.

30-Year Fixed-Rate Mortgage at Par – What’s Par?

Par is the rate of which a mortgage can be obtained without paying additional fees, knows as buy down points or discount points. Typically a mortgage broker or bank is willing to fund a mortgage at “par” at average closing costs. If a lender funds a loan at a rate above par they collect what’s called a yield spread. Yield spreads have been controversial since the sub-prime meltdown as they motivate brokers and bank’s to give out higher rates to make more money.

Today’s Mortgage Rates at Par by Product

FreeRateUpdate.com research of wholesale mortgage lenders mortgage rates today shows 30 year fixed mortgages available at a par rate of 4.625 percent. Mortgage rates have been this low since Friday afternoon when the benchmark 10 year treasury yield took a big dip, to a 4 month low, and soon after so did mortgage rates. 15 year fixed mortgage ratesare down from last week and as low as 4.125 percent at par. The 5/1 ARM, not recommended for anyone staying in a home over 5 years, is at an unbelievable 3.625 percent. How would you like to pay just 3.625 percent for 5 years? Holy moly.

Simplified -
30-year fixed-rate: 4.625 percent
15-year fixed-rate: 4.125 percent
5/1 adjustable rate mortgage: 3.625 percent

Can Mortgage Rates Go Any Lower?

It’s definitely a possibility. As home prices stabilize the prices of residential mortgage backed securities increase and in turn lower mortgage rates which move opposite. As investors flocked to bonds weary of the stock market bond prices increase in turn dropping the benchmark yield and mortgage rates which move opposite. Honestly, it’s nearly impossible to predict mortgage rates for the long term. If you want to stick with the basics, the past 2 holiday seasons mortgage rates have dipped significantly. Maybe it’s the markets way of putting on a holiday sale?

Current Mortgage Rates Not Officially at All Time Low, Yet.

FreeRateUpdate.com research of wholesale mortgage lender’s current mortgage rates shows current 30-year fixed mortgage rates at 4.625 percent. 30-year fixed mortgage rates have been under 5 percent since the beginning of September though first reported by Freddie Mac under 5 this past week when Thursday they said 30 year fixed mortgage rates averaged 4.94 percent. This is the first time Freddie reported mortgage rates under 5  since mid May.

Current Mortgage Rates at an all-time low?

Not according to Freddie Mac who has the most accurate historical reports on mortgage rates. It was actually April of this year when 30 year fixed mortgage rates hit an all time low according to Freddie when they averaged 4.78 percent. Truth is, currently, 30 year fixed mortgage rates are lower than that at par, but the official all time lows have to be based of Freddie reports. That being said, the record could be broken next week depending on the benchmark 10 year treasury yield and how it performs early next week. As the yield goes down so do fixed mortgage rates.

The Lowest Mortgage Rates of the Big Banks

In reporting on the major banks current mortgage rates this week we learned something surprising. HSBC has the best mortgage rates, and it wasn’t even close. Bank of America is an important player we didn’t report on so this week it’ll be interesting to see where their mortgage rates stack up against HSBC. That being said, in comparing HSBC to Wells Fargo, Chase, and Citi we found them to be significantly lower on almost every mortgage program.

Current Mortgage Rates as Reported by Various Sources

• Zillow Current Mortgage Rates: 30 year fixed 4.89, 15 year fixed 4.31, 5/1 ARM 3.71
• Mortgage Banker’s Association Average Mortgage Rates:  30 year fixed 4.94
• Freddie Mac Average Mortgage Rates for Mon-Wed of this past week: 30 year fixed 4.94
• FreeRateUpdate.com: The real mortgage rates at par – 30 year fixed 4.625, 15 year fixed 4.25, 5/1 ARM 3.625