Mortgage interest rates continued to edge down as 30 year fixed rates hit 4.5% today, a new all time record low mortgage rate. October new home sales rose 6% as inventories of new homes fell to their lowest levels in over 20 years it was said in 2 economic reports released today. Prices of Mortgage Backed Securities rose ever so slightly today. Mortgage rates move opposite MBS prices. MBS markets will be closed tomorrow due to the holiday. The Dow is up over 30 points. The benchmark 10 year treasury yield, used to forecast conforming mortgage interest rates, is down .038 (1.15%) and at 3.28%. A stronger than average demand at today’s 7 year Treasury bond auction helped the mortgage rate market.
Mortgage Interest Rates at a Record Low Now?
Freddie Mac, who releases their weekly survey results considered the industry standard for the official mark of mortgage interest rates, said 30 year fixed conforming mortgage rates averaged 4.78% Monday through Wednesday of this week tying the record low set back in May.
Today’s 30 Year Fixed Mortgage Interest Rates
Today’s 30 year fixed mortgage interest rate is solid at 4.5% available from a handful of lenders. We always report the official rate off a 30 day lock because that’s how long it takes to fund a loan. The secondary mortgage rate market conditions continue to improve as 30 year fixed conforming mortgage rates are finally at 4.5% the magical number many say will spur a big boost to the housing market.
Other Mortgage Interest Rates Today
The current 15 year fixed interest rate has finally dropped and is at 4.125%. 15 year fixed mortgage interest rates had held at 4.25% for quite a long time. The current 5/1 ARM rate is 3.5%. This marks the lowest level ever for the 5/1 ARM making it very tempting but remember a 5/1 ARM is not recommended for anybody who is going to be in the home or loan for a period of 5 or more years.
FHA Mortgage Interest Rates Today
FHA mortgage interest rates have shown great improvement as well. Though we found some major lenders such as Wells Fargo still advertising a 30 year fixed FHA mortgage at 5% 4.5% is available our research of wholesale mortgage lenders shows. Why do some banks advertise 5% with 4.5% available? FHA shoppers are not necessarily rate conscious but down payment conscious. If you look today, your best bet is with a broker, you will find 4.5% on an FHA 30 year fixed.
