Prices of Residential Mortgage Backed Securities rose ever so slightly today and not enough to effect mortgage interest rates which move their opposite. The 10 year treasury yield, used to predict mortgage interest rates, is up today and at 3.42 as of 12:38 PM PST. The yield was as low as 3.39 today. Effecting the mortgage market today was a report that pending home sales were up an unexpected 6.1 percent, far higher than fore casted.
Current Mortgage Interest Rates
FreeRateUpdate.com research of wholesale mortgage lender's rate sheets shows the following mortgage interest rates as of 12:54 AM PST. The current 30 year fixed mortgage interest rate at par is 4.875 percent. It's been pretty flat for almost 3 weeks since hitting a 5 month low at 4.625 percent. The current 15 year fixed mortgage interest rate is 4.25 percent. The current 5/1 ARM interest rate is 3.75 percent.
Today's Mortgage Interest Rates as Reported by Zillow and Bankrate
Zillow reports a national average 30 year fixed rate of 4.78 percent as of 12:46 Pm PST. Zillow also said the following , " National mortgage rates on 30-year fixed mortgages remained stable at 4.77% on November 2, 2009, according to Zillow Mortgage Marketplace. As a comparison, state rates ranged from a low of 4.64% (DC) to a high of 5.14% (MO)".Bankrate.com reports mortgage interest ratesas follows, 30-year fixed-rate 5.16 percent, 15-year fixed-rate 4.6 percent, 5/1 ARM 4.26 percent. These Bankrate.com national averages tend be on the high end.
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