Current Mortgage Interest Rates Up. 30 Year Fixed Interest Rate to 4.875 Percent.
By: Bruno Mckenzie
Mortgage interest rates spiked Friday.
Current mortgage interest rates are up a 1/4 percent from Thursday’s lows. The benchmark 10 year treasury yield, used to forecast current mortgage rates, spiked Friday afternoon to 3.38 after being as low as 3.164 just Thursday, a 4 1/2 month low. Following the dramatic increase in the yield mortgage lenders adjusted their rate sheets several times yesterday for the worse. Mortgage interest rates finished the day up about a 1/4 percent, perhaps a little more on average, from where they were Thursday.
Current Mortgage Rates by Product
FreeRateUpdate.com research of wholesale lenders current mortgage rates shows the following products interest rate at par.
- Current 30 year fixed mortgage interest rates are at 4.875 percent.
- Current 20 year fixed mortgage interest rates are at 4.75 percent.
- Current 15 year fixed mortgage interest rates are at 4.25 percent.
- Current 5/1 ARM mortgage rates are at 4 percent.
The Future for Mortgage Interest Rates
The past 2 years rates have bottomed during the holiday season. Despite the big jump Friday rates have been on a steady decline for almost 3 months. 30 year fixed mortgage rates have dropped from almost 5.5 percent to almost 4.5 percent in a span of just months. According to analysts from Goldman Sachs the 10 year treasury yield, the leading indicator for conforming 30 year fixed mortgage rates, will waiver between 3 and 3.3 for the rest of the year. If that’s the case expect low rates with Friday’s 4/625 percent 30 year fixed being the lowest. We shouldn’t see fixed mortgage rates higher than 5.25 percent for the rest of the year.