Not much going on in the world of mortgage rates today a day after the Fed announced they'll keep the key Fed lending rate at or near zero for an extended period of time. The Fed rate does not directly affect conforming 30 year fixed mortgage rates but does affect the market and in turn indirectly affect mortgage rates.
Economic Reports and Mortgage Rates
This morning it was announced third quarter productivity increased over 9 percent well above the anticipated 6.5 percent. Weekly jobless claims fell less than expected. Prices of Residential Mortgage Backed Securities, of which current mortgage rates move opposite, rose slightly but not enough to drive lender's to adjust their rate sheets for the better especially considering the declines the past 2 days. The benchmark 10 year treasury yield, a leading indicator of conforming 30 year fixed mortgage rates, is down slightly today and at 3.54 as of 12:02 PM PST. The yield is up significantly from 3 weeks ago when it was below 3.2 and 30 year fixed mortgage rates neared 4.5 percent.
Current Mortgage Rates – FreeRateUpdate.com
FreeRateUpdate.com research of wholesale mortgage lender's current mortgage rates shows mortgage rates once again holding steady. There hasn't been much of a change in mortgage rates since they shot up a 1/4 point a little over 3 weeks ago.
- 30-year fixed-rate = 4.875 percent
- 20-year fixed-rate = 4.75 percent
- 15-year fixed-rate = 4.25 percent
- 5/1 ARM rate = 3.75 percent
The mortgage rates above are at par. Par rates are the lowest available interest rates without the requirement by the lender for the borrower to pay additional points and fees also known as a buy down. Par rates can be obtained at "average closing" closing cost.
About the Author. Contributing writer Edward J Ferrara III has has over 8 years of experience in both mortgage brokering and banking of loans. Ed's transferred his passion for mortgage to his articles on mortgage rates posted daily on FreeRateUpdate.com. Contact Ed by phone at (714) 694-5914 or Email him. 
