Mortgage Interest Rates October 21 – Rates Jump Today
Posted on | October 21, 2009 | 1 Comment
Mortgage interest rates for October 21st, 2009 jumped as the 30 year fixed rate mortgage was up to 4.95% early. The 15 year fixed rate mortgage was up to 4.33% while the 5/1 ARM was up to 3.81%. The move higher in mortgage rates is quite drastic this morning as the average for 30 year fixed rates was 4.78% yesterday. At this point we will have to wait and see what treasury yields are doing to better predict where rates are headed.
Yesterday we saw a steep decline in treasury rate yields which helped to push mortgage rates lower. The 10 year treasury rate yield broke below its 50 day moving average but saw some late movement higher to end the day down only 1.71%. If there is a strong move higher today, back above the 50 day moving average, that might tells us something about the near future of mortgage interest rates.
Mortgage rates have been about as volatile as the 10 year treasury rate yield lately. Every single time mortgage rates start to move higher the government announces a plan that is aimed to “keep mortgage rates low.” It seems that mortgage rates are going to be held artificially low for quite some time; as long as President Obama and his staff feel that its going to take to get the housing market back on track; June 2010?
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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October 22nd, 2009 @ 5:21 pm
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