Mar. 10, 2010 (FreeRateUpdate.com) – Today’s mortgage rates are flat after strong demand at this afternoon’s 10 year treasury auction helped lift mortgage-backed securities prices, which move mortgage rates their opposite.
The benchmark 10 year treasury yield, used to forecast mortgage rates, is up to 3.72, +0.02 on the day. Many economists believe the yield will spike to above 4 before the year is over. If that happens, it is likely mortgage rates will be in the mid 5′s or higher, compared to 30 year fixed rates of 4.75 available today.
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Conforming 30 year fixed rates held at 4.75 yet again. The 15 year fixed rate is cemented at 4.25, and the 5/1 ARM rate at 3.625. Mortgage rates haven’t budged since falling two weeks ago.
FHA mortgage rates continue to mirror those of conforming mortgages.
The jumbo 30 year fixed rate, for a true jumbo mortgage exceeding conforming jumbo limits, is 5.625.
Rates mentioned in this article are available today to well-qualified consumers paying a standard .07 to 1 point origination as verified by FreeRateUpdate.com research of wholesale lenders’ rate sheets.
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