Current mortgage interest rates are unvarying today. The Dow is up just 10 points. Prices of Residential Mortgage Backed Securities of which mortgage interest rates move opposite are up slightly. The benchmark 10 year treasury yield, a leading indicator for current mortgage interest rates, is down slightly and at 3.52 percent as of 11:03 AM PST. The yield was below 3.2 percent weeks ago as mortgage interest rates approached 4.5 percent fixed for 30-years.
Affecting mortgage rates very marginally today was an announcement unemployment rose to 10.2 percent, it's highest level since 1983. Yesterday the Fed said they'll hold the key lending rate at or near zero for an extended period of time. The Fed rate does not directly affect conforming mortgage interest rates.
The Obama administration extended the $8,000 first-time homebuyer tax credit into April 2010. The bill includes a $6,500 tax credit for homebuyers who have previously owned a home. They also removed many of the income limitations on the program.
Current Mortgage Interest Rates
FreeRateUpdate.com research of wholesale mortgage lender's current interest rates shows interest rates unvarying. 30-year fixed-rate mortgages are available at 4.875 percent at par as of 11:11 AM PST. 20-year fixed-rate mortgages are available as low as 4.75 percent at par. 15-year fixed-rate mortgages are available as low as 4.25 percent at par. 5/1 ARM rates are as low as 3.75 percent at par. Par rates are lowest available interest rates that do not require additional points and fees.
- 30-year fixed-rate = 4.875
- 20-year fixed-rate = 4.750
- 15-year fixed-rate = 4.250
- 5/1 ARM rate = 3.750