Current mortgage rates are rising fast
Well, so much for 4.5 percent on a 30-year fixed, at least for now. Current mortgage rates are up already almost a 1/4 percent this morning as the benchmark 10 year treasury yield has sky rocketed, up a whopping 0.1210 (3.72%). Lender’s have began adjusting their current mortgage rates accordingly as mortgage interest rates have gone from 4.625 percent and very near 4.5, to 4.75 percent, 30-years fixed. The benchmark 10 year treasury yield was at a 4 1/2 month low driving mortgage rates down to the mid 4’s sparking a 16 percent increase last week in mortgage applications as reported by the Mortgage Banker’s Association. Freddie Mac released their weekly mortgage rates survey yesterday saying 30 year fixed mortgage rates averaged 4.87 percent Monday through Wednesday.
Current 30 Year Fixed Mortgage Rate, After Today’s Yield Spike.
We’ve seen mortgage lender’s adjust their current 30 year fixed rate to 4.75 percent and in some cases 4.875 percent in response to this mornings dramatic spike in the benchmark yield.
What can you do to avoid being stuck with a higher mortgage rate?
If you’re in the process of a loan and havn’t locked a rate yet, you may want to call your loan officer and tell him to lock now. That’s if the lender has been slow to adjust their rates, which is doubtful but possible. Also in order for that to work, you need to have all your information uploaded to the lender already otherwise it’s not going to happen quick enough.
Other Current Mortgage Rates
- Current 20 year fixed mortgage rates are at 4.625 percent, up an 1/8.
- Current 15 year fixed mortgage rates remain at 4.25 percent but with slightly higher borrowing costs.
- Current 5/1 ARM mortgage rates are at 3.875 percent, up a 1/4.
Current Mortgage Rates Reported by Zillow
Zillow reports 30 year fixed mortgage rates at 4.91 percent nationally and climbing after being at 4.85 percent yesterday.