Current mortgage rates are near 5% and climbing ahead of the much anticipated Fed decision at 2:15 PM EST. Prices of mortgage-backed securities which drive mortgage rates in the opposite direction are flat so far today. November CPI matched expectations, as did Building Permits and Housing Starts. There is not any other scheduled data that will directly affect mortgage rates set to be released today. The Fed is not expected to increase interest rates when it announces it’s decision this afternoon. The Dow is up over 40 points as of 8:46 AM PST. The benchmark 10 year treasury yield, used to forecast current mortgage rates is down .044 (1.22%) and at 3.56 as of 8:48 AM PST. The yield, a leading indicator for conforming mortgage rates, is at an almost 4 month high. The Mortgage Bankers Association says overall mortgage application activity is about the same as last week. Mortgage refinance activity makes up over 75% of the overall mortgage applications, the highest level since April.
Current Mortgage Rates – FreeRateUpdate.com
FreeRateUpdate.com research of mortgage lender’s rate sheets shows 30 year fixed rates climbing and vey near 5%. Other interest rates have been steady. The current 30 year fixed rate at par is 4.875%, up from it’s all time low 4.5% set almost 3 weeks ago. The current 15 year fixed rate is 4.25%, the same as it’s been for most of the recent months. The current 5/1 ARM rate is 3.875%.
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