Just after we released a report saying 30 year fixed mortgage interest rates today are moving toward 4.625%, they did just that. Current interest rates are improved from this morning as mortgage lenders have began adjusting their rate sheets to reflect improvement in the mortgage rate market. Mortgage interest rates move opposite Mortgage Backed Securities which are up today.
Today’s Mortgage Interest Rates
The best way to determine accurate current interest rates is to study wholesale mortgage lender’s interest rate sheets. FreeRateUpdate.com research of wholesale lender’s current mortgage interest rates shows an improvement this afternoon.
Current 30 year Fixed Interest Rate
30 year fixed interest rates opened today at 4.75%. After the rise in MBS prices today resulting in lower mortgage rates the 30 year fixed interest rate has moved to 4.625%. As mentioned above this is the lowest interest rate for a 30 year fixed mortgage at par in over a month.
Other Current Interest Rates
Other current interest rates remain virtually unchanged. 15 year fixed mortgage rates are still as low as 4.25% at par. 5/1 ARM mortgage interest rates are still as low as 3.75% at par. Par rates are the lowest available interest rates that do not require additional points, also known as buy down or discount points, to be paid by the borrower to the lender.
The Catch – Current Interest Rates Likely Short Lived
Mortgage interest rates are at a low and at 4.625%. 30 year fixed mortgage interest rates this are sure to draw plenty of interest but will probably be short lived. Mortgage Backed Securities were up this morning and early this afternoon. Mortgage rates which move opposite MBS prices improved on this change. As we report that mortgage interest rates have reached 4.625% 30-years fixed, MBS prices are moving down and could drive rates back up an 1/8. Stay tuned.
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