Mortgage Interest Rates October 13 – Current Rates at 5%
Posted on | October 13, 2009 | No Comments
Mortgage interest rates for October 13th, 2009 are up slightly. The conventional 30 year fixed mortgage rates is at 5% while the 15 year fixed is at 4.48%. The 5/1 ARM is also up to 3.91%. It is still very early but today could go a long way towards determining the trend for mortgage interest rates. If we see a move above 5% with any strength we might find that 5% becomes a level of support again.
For much of the summer 5% was a level in which mortgage rates could not break through. It took a descending 10 year treasury rate yield to assist the 30 year fixed through 5%. Now that the 10 year yield has bounced off of its 200 day moving average and is moving up we could very well find that 5% is once again going to serve as a floor for mortgage rates.
There is a good chance that we have seen a short term bottom for mortgage rates as all signs point towards rates slowly moving higher. We will not see rates skyrocket because the Federal Reserve Bank continues to buy mortgage backed securities but this does not mean that we won’t see rates creep higher throughout the fall and winter. With the Fed concluding their purchase program of US Treasuries it seems all too likely that mortgage interest rates will increase.
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
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