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Mortgage Interest Rates October 28 – Rates Up Today

Posted on | October 28, 2009 | No Comments

Mortgage interest rates for October 28th, 2009 are up.  Today we are seeing the 30 year fixed mortgage rate up to 4.94% while the 15 year fixed is up to 4.34%.  The 5/1 ARM is actually going against the trend and is down.  We are currently seeing a lot of volume today which is likely because mortgage application data came out early this morning.  It should be a very interesting day for mortgage rates.

The 10 year yield dropped back drastically yesterday, over 2.5%, which helped to keep mortgage rates stable.  Today that might not be the case as mortgage application data came out and showed that applications fell by 12.3%.  This is not good news for the housing industry.  The expiration of the first time home buyers tax credit could have a lot to do with the third straight week of declines for mortgage applications.

Mortgage interest rates remain under 5% which is great news for anyone who wants to refinance.  If you have considered a home refinance in the past now might be the time to get started.  There is little doubt that mortgage rates are not going to stay below 5% for that much longer so take advantage of this opportunity today.

Make sure to check out Subprime Blogger on a daily basis for your mortgage interest rates. We will display the current rates as well as a short commentary similar to the above column. Bookmark the following daily mortgage rates category to gain easier access to our mortgage interest rates column:

Daily Mortgage Rates Column

Author: Alan Lake

Category: daily mortgage rates

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