Current Mortgage Rates Still Below 5 – Mortgage Rates Headed Up or Down?

The benchmark 10 year treasury yield, which had been at a 4 1/2 month low last week when 30 year fixed mortgage rates neared 4.5 percent, is up significantly from a week ago when the yield was as low as 3.175 percent. The yield, the leading indicator for current mortgage rates, is currently at 3.4 down slightly on the day.

Current Mortgage Rates

Current mortgage rates: still below 5 percent.

FreeRateUpdate.com research of wholesale lenders current mortgage rates shows 30 year fixed mortgages available at 4.875 percent at par. Par is a rate in which the borrower does not need to pay any additional points or fees. 15 year fixed mortgage rates are currently as low as 4.25 percent at par. 5/1 mortgage rates are available today as low as 3.75 percent at par. Compared to just a week ago the 30 year fixed mortgage rates has changed the most of the three above mentioned programs, up approximately a 1/4 percent from last Thursday.

Average Mortgage Rates According to Zillow, Freddie Mac, and the MBA.

• As of 8:03 am PST Zillow reports the national 30 year fixed conforming mortgage rate averaging 5.01 percent. Today is the first day in over a week Zillow has shown 30 year fixed mortgage rates above 5 percent.
• Freddie Mac said today in their weekly mortgage rates survey released every Thursday 30 year fixed mortgage rates averaged 4.92 percent from Monday to Wednesday of this week. The report shows rates are up from 4.85 percent reported the week before.
• The MBA reported last week mortgage rates averaged 5.02 percent, 30-years fixed. How they came up with this number who knows. It seems quite high to us as the par rate on 30-year fixed mortgages was at 4.625 percent the entire week except for Friday afternoon.

Current Mortgage Rates Forecast

Mortgage rates were on a steady decline for 3 months and seem to have bottomed out just above 4.5 percent, 30 years fixed, before spiking to today’s level of 4.875 percent. It’s really up in the air as to what will happen next with mortgage rates. We subscribe to the theory mortgage rates will stay between 4.75 percent and 5.25 percent, fixed for 30 years, for the rest of the year. If you’re rate shopping it’s a good idea to be ready to lock because the days rates are at 4.75 are few and far between.

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