Mortgage Interest Rates October 2 – Rates Stable Today
Posted on | October 2, 2009 | No Comments
Mortgage interest rates have steadied on October 2nd, 2009. Mortgage rates today are likely to be much less volatile than they were yesterday. The 30 year fixed mortgage rate is at 4.91% and the 15 year fixed is at 4.46%. The 5/1 ARM is down to 3.73%. Yesterday we saw the 30 year fixed move from 4.84% all the way up to 4.99% before settling around 4.89%.
We are likely to see less movement in rates over the next few days as the weekend is upon us. Wall Street is closed over the weekend and treasury rates are not bought and sold during this period. This makes it quiet for mortgage rates as they are often moved by treasury yields and economic data. This does not mean that mortgage rates do not move at all but the moves are made with much less conviction.
October is looking like the best month to refinance in recent history. At the end of the month the Fed is going to take one hand out of the pot by concluding their purchases of US Treasuries. This is likely to push mortgage rates higher even if it is just slightly. Also we are going into a period when the first time home buyers tax credit is getting very close to expiration. Both of these events is likely to hurt the housing market and interest rates.
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: Jesse Wojdylo
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