Prices of Residential Mortgage Backed Securities are up slightly today. Current mortgage rates, which move opposite the price of RMBS, remain the same. Current mortgage rates are unlikely to rise given RMBS price increases the past 2 days.
Late last week it seemed foreordained conforming 30 year fixed mortgage rates would rise above 5 percent. The 10 year treasury yield, one of the leading indicators for current mortgage rates, spiked to the mid 3’s a level not seen since mid September.
Current Mortgage Rates
FreeRateUpdate.com research of wholesale lender’s current mortgage rates shows little to no changes in the past 24 hours. Current 30 year fixed mortgage rates are at 4.875 percent at par. Current 15 year fixed mortgage rates are at 4.25 percent at par. Current 5/1 mortgage rates are at 3.75 percent at par. Par rates are the lowest available interest rates not requiring additional points to be paid by the borrower, also known as buy down points.
Current Mortgage Rates Forecast
Though home values are declining slower by the month today’s report which says new home sales unexpectedly were down is favorable for current mortgage rates. The Fed holds a 5 year treasury bond auction today following yesterday’s 2 year auction which was met with high demand. High demand at bond auction’s is good for mortgage rates which move the opposite bonds.
About the Author. Freelance Writer Sheldon Levene has been in the mortgage industry since 1973 working for several prominent banks as a retail loan officer before becoming director of operations at a major Southern California sub prime outfit. You can reach Sheldon by Email. 
