Weekend Mortgage Rates Report: Current Mortgage Rates are Near Historic Lows.
By: John Kaloper
Several reports on current mortgage rates, typically regarding the average 30 year fixed rates are released per week. Quite a few sources have reported current 30 year fixed mortgage rates this weekend in the low to mid 5′s. Our research of wholesale mortgage lender’s rate sheets shows that current 30 year fixed mortgage rates as low as 4.875% with zero buy down points are available today. Buy down points are extra points paid in addition to typical closing fees in order to lower the mortgage rate.
On Friday afternoon benchmark 10 year treasury yields closed at 3.56 down (0.92%) on the day. 10 year Treasury yields, are a leading indicator for 30 year fixed mortgage rates. Consequently rates decreased steadily as the week progressed driven down by the Fed’s Treasury auctions and weak retail sales data.
Bond demand most likely will continue to be strong, keeping yields and mortgage rates down. Fears of inflation will almost certainly take a back seat to consumer confidence worries. Analysts say inflation is not an immediate threat and in fact will be minimal as long as unemployment is exceptionally high and the consumer price index stays flat.