Prices of Residential Mortgage Backed Securities of which mortgage interest rates move opposite are up today following strong demand from foreign investors at the 5 year treasury bond auction. 30 year fixed mortgage rates need just a slight push to reach the coveted mark of 4.5% and nearly got it today. The Dow is down 17.24 points and at 10,433 as of 1:38 PM PST. The benchmark 10 year treasury yield, used to forecast mortgage interest rates, is down .047 (1.4%) and at 3.32. There is virtually no immediate risk of mortgage interest rates moving upward. There’s a chance lender’s adjust their rate sheets for the better this afternoon taking most lender’s from 4.75% to 4.625% on conforming 30 year fixed mortgages and a handful from 4.625% to 4.5%. Tomorrow before the holiday 5 major economic reports will be released ahead of the holiday. There will also be a big 7 year treasury bond auction. If reports come in favorable to the mortgage rate market we’re sure to see mortgage rates at 4.5% fixed for 30 years but good luck locking a rate during the holiday.
Mortgage Interest Rates Today
The current 30 year fixed interest rate remains at 4.625%. There’s a good chance it improves this afternoon or tomorrow to reach 4.5% for the first time since May and only the second time ever. The last time mortgage interest rates were this good, about 2 months ago, rates shot up a 1/4% in a single afternoon. The current 15 year fixed interest rate is 4.25%. The current 5/1 ARM rate is 3.75%.
Current FHA Mortgage Rates
The current FHA 30 year fixed rate is 4.75%. We’re reporting the lowest available rate at par. Most lender’s are advertising 30 year fixed FHA mortgages at 5% but we’ve confirmed 4.75% is indeed available. The current FHA 15 year fixed rate is 4.5%. The current FHA 5/1 ARM rate is 3.625%. You’ll notice a slight variance in FHA and conforming mortgages but take note they do move in the same direction at the same time.
