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30 Year Fixed Mortgage Rates – 4.75% in Light Volume

Posted on | November 16, 2009 | No Comments

This weekend, we saw 30 year fixed mortgage rates average around 4.75% in light volume. Any movement in mortgage rates on the weekends should be taken with a grain of salt is all financial markets are closed and most financial institutions are closed. There are still some banks and lenders out there that are open but not enough to influence where mortgage rates are going.

With mortgage interest rates around this level there’s a good chance that most homeowners can benefit by refinancing. Pres. Obama and the Federal Reserve Bank of done everything they can to keep mortgage interest rates at an all-time low level. Back in March of 2009 we saw mortgage interest rates averaged 4.61%. This average was for an entire week so any drop below there for a day would not mean that we are at an all-time low.

Even though mortgage rates have yet to drop to an all-time low is still very attractive for homeowners to lock into a low mortgage rate. Many banks and lenders are advertising very hard as they know this is one of the best times to get new customer.  We have yet to see a true refi boom but it could be coming in the near future.

If mortgage interest rates remain this low there is no doubt that many current homeowners will at least consider the idea of refinancing. In 2009 many homeowners have had the opportunity to refinance and they are saving hundreds of dollars a month on their mortgage payments. If you have yet to consider refinancing your home you might want to take some action today.

As stated earlier, the 30 year fixed mortgage rate is around 4.75%. No one knows how long it will stay this low but there is a good chance they could increase in the near future. The Federal Reserve has stop buying US treasuries which means the 10 year treasury yield is likely to increase. It is usually the case that when the 10 year yield increases mortgage rates increase also.

Please make sure to return to Subprime Blogger for all your mortgage and financial news. To stay up to date on the current state of finances make sure to bookmark the current news category below.

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Author: Tiffany Mann

Category: 30 Year Fixed Mortgage Rates

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