Current Mortgage Rates Likely to Drop. Current Mortgage Rate at 4.875, 30 Years Fixed
By: Ed Ferrara
The leading indicator for current mortgage rates, the 10 year treasury yield, is likely to drop to 3 percent by the end of the year, according to Goldman Sachs. As a result current mortgage rates will likely drop as well. The benchmark yield sea sawed today finishing the day marginally up at 3.471 percent. The slight increase in the yield was not enough for wholesale lenders to raise their current mortgage rates. Mortgage rates are flat today and have remained virtually unchanged since September 3rd.
Current Mortgage Rates According to our Research of Wholesale Lenders Rate Sheets
Current mortgage rates for conforming 30 year fixed mortgages remain as low as 4.875 percent at par. Zillow reports the national rate at 4.99 percent today. Freddie Mac is set to release their average mortgage rates report tomorrow which may come in under 5 percent for the first time since April but is more likely to descend just a tad from 5.07 percent of which they reported last week.
A 30 year fixed mortgage with a balance of $250,000 at an interest rate of 4.875 percent has a monthly principal and interest payment of $1,323.02.
Current 15 Year Fixed Mortgage Rates are up a tad and as low as 4.375 percent at par. Current 5/1 ARM mortgage rates are up slightly as well and as low as 3.875 percent at par.
Current jumbo mortgage rates as for the entire year average 1/2 to 1 percent higher than current
conforming mortgage rates.
Current FHA loan rates remain the same as current conforming mortgage rates.
Current Mortgage Rates Forecast
Goldman Sach’s forecast for the 10 year treasury yield indicates low mortgage rates for the rest of the year which could prove a gigantic boost for housing. Many analysts say 4.5 percent 30 year fixed mortgages would motivate buyers stimulating the housing recovery. Mortgage rates have hovered around 5 percent, fixed for 30 years, for weeks. Mortgage rates were at their lowest point in April when even Freddie Mac reported 30 year fixed mortgage rates averaging under 4.8 percent.