Average Mortgage Rates – Interest Rates Continue Up in August
Posted on | August 6, 2009 | No Comments
Average mortgage rates have ticked higher through the first week in August. Just when most analysts felt that mortgage rates were going to drop below 5% we have seen a strong push forward in treasury rate yields. This upward motion by treasury yields has forced the 30 year fixed rate mortgage to move from 5.05% to 5.34% in less than a week. This movement is a bit disturbing because the government continues to do everything in their power to keep interest rates low but it just does not seem to be working the way that they would like.
If you have been waiting for mortgage rates to drop below 5% you might have to wait a very long time. The uptrend in treasury yields began way back in January and it looks like it is going to continue through the fall. It almost looks as if mortgage rates above 6% is more likely than mortgage rates below 5%. No one can predict the future, but if the treasury yields continue higher, it is hard to imagine that mortgage rates are going to stay as low as they currently are.
Luckily there are still mortgage lenders that are advertising mortgage interest rates below 5%. You will never know if you have access to these low rates until you contact the actual lender. You may not want to give them all of your financial information but by giving them a call and ask generic questions you could find out a lot about the current mortgage market.
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