BREAKING: Mortgage Interest Rates Up Over 5% – Current Interest Rates Pressured by Positive Economic Data

Today’s mortgage interest rates are now above 5% for the first time in 3 months. Mortgage interest rates had gradually declined to all time record lows over a 4 month period bottoming out less than a month ago. How low were mortgage interest rates at the bottom? Conforming 30 year fixed interest rates reached 4.5% and nearly 4.375% at par. 15 year fixed interest rates bottomed out at 4.125%, though they are looking more attractive today at 4.25%.  The 5/1 conforming adjustable rate mortgage went as low as 3.5%. FHA 30 year fixed rates went to 4.5% for a period of 3 days. Jumbo 30 year fixed mortgages which have been at a premium dropped to 5.625% for the first time in a few years. Hopefully those that could locked in their interest rates. Anybody who waited now faces historically excellent mortgage interest rates that are higher than all time lows. Who can complain about a 5% 30 year fixed?

Following a sharp decline in mortgage-backed securities prices mortgage interest rates which move opposite are on the rise.

Current mortgage interest rates for conforming 30 year fixed loans are as low as 5% at par. Current 15 year fixed mortgage rates remain as low as 4.25%. The 5/1 ARM has shot up to 4%.

The current FHA 30 year fixed rate is now 5.125% and rising fast. The current jumbo 30 year fixed rate is 6% and rising. Mortgage rates are deteriorating quickly and according to the buzz from analysts it could get a lot worse.

Speculation that amidst an improving economy the governement will discontinue purchases of MBS is contributing to the rise in mortgage interest rates. Stay tuned.

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