Mortgage Interest Rates September 28 – Rates Drop Below 4.9%
Posted on | September 28, 2009 | No Comments
Mortgage interest rates have dropped below 4.9% early on September 28th, 2009. The average for 30 year fixed mortgage rates is 4.87% while the 15 year fixed is at 4.39%. The 5/1 Arm is up slightly to 3.9%. The 30 year fixed dropping below 4.9% could be very big news. If this can continue throughout the day and we see a move of strength below 4.9% then we could very well see mortgage interest rates moving towards all time lows.
After last weeks Federal Reserve Bank meeting many analysts feared that mortgage rates were going to start moving up because they were going to spread the money to purchase mortgage backed securities. They added an additional three months with of purchases but they were going to use the same amount of money. This alone would not move mortgage rates up but the fact that the Fed also said that they were going to stop buying US Treasuries by the end of October could very well push rates higher.
Luckily this has not been the case. Early on after the Fed meeting we saw mortgage rates move up to 5.05% but since then it has been a steady move down all the way to 4.87%. It is still very early in the week but this could be a major step in starting a strong move to the downside. If the 10 year treasury rate has a big drop today we could be well on our way to the 30 year mortgage rate dropping to 4.75%.
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:
Author: Mike Garner
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