Mortgage Interest Rates Drop Monday. 30 Year Fixed Mortgage Interest Rates are Below 5 Percent Again
By: Ed Ferrara
Following a decline in the benchmark 10 year treasury yield Friday afternoon mortgage interest rates opened lower Monday morning. The 10 year yield pushed mortgage interest rates even lower when it dropped substantially again today closing at 3.40, it’s lowest level since mid July. The yield, which continues to be the leading indicator for fixed mortgage interest rates, has been on a steady descent and may be headed towards it’s 3 1/2 month low of 3.295. If this happens 30 year fixed mortgage interest rates could average substantially below 5% for the first time since April.
Current Mortgage Interest Rates:
Our research of wholesale lender’s mortgage interest rates shows current 30 year fixed mortgage interest rates as low as 4.875% available with zero buy down points. Currently 15 year fixed mortgage interest rates as low as 4.375 percent are available with no buy down. A 5/1 ARM at a mortgage interest rate as low as 4.125% is available with no buy down. Regular points and fees do apply.
Mortgage Interest Rates Forecast::
Tomorrow it’s likely mortgage interest rates will open lower. Lenders may offer as low as 4.75% on a 30 year fixed with no buy down unless the benchmark 10 year treasury yield is up in the morning. The lower rates are a result of a decline in the yield this afternoon.