Mortgage Interest Rates October 8 – Rates Steady Today
Posted on | October 8, 2009 | No Comments
Mortgage interest rates for Thursday October 8th, 2009 have been steady most of the morning. The 30 year fixed rate mortgage is currently at 4.92% while the 15 year fixed is at 4.38%. The 5/1 is bucking the trend and is down to 3.72%. This lack of volatility is not a surprise as the 10 year yield has made a move sideways after a big drop yesterday. The 10 year yield is getting very close to the 200 day moving average so we will have to take notice if this holds as support.
Please vote on the First Time Home Buyers Tax Credit Extension here at Subprime Blogger. First Time Home Buyers Tax Credit Extension Poll.
WIth the 10 year yield moving down yesterday and mortgage interest rates moving up one has to wonder if there is a short term rally in store for treasury yields. As stated many times on Subprime Blogger if the 200 day moving average holds for the 10 year yield there is a very good chance that the short term rather could take place during the months of October and November due to the Feds actions.
The Federal Reserve Bank is planning to conclude their purchases of US Treasuries by the end of October. This could very well be a bullish sign for treasury yields as they are going to have to increase to attract foreign investors. Unless there is huge interest from foreign investors in United States debt there is going to have to be an increase in treasury yields which would mean an increase in mortgage 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: Alan Lake
If you are interested in the entrepreneurial story of the creator and CEO of Subprime Blogger, Jesse Wojdylo, please check out his personal blog at My Life After Retail. The blog’s intention is to provide inspirational stories as well as historical accounts of the success of Subprime Blogger.
Comments
Leave a Reply