Mortgage Interest Rates October 27 – Rates Move Up Today?
Posted on | October 27, 2009 | No Comments
Mortgage interest rates for October 27th, 2009 are mixed early but are they poised to move higher? The 30 year fixed mortgage rate is up to 4.93% while the 15 year fixed is down to 4.33%. The 5/1 ARM is up slightly to 3.83%. Yesterday we saw a strong move higher in the 10 year treasury rate yield, over 2%, yet mortgage rates did not move a great deal; this is setting up for a strong move higher in mortgage rates soon.
The current up trend in the 10 year yield is gaining in strength. After breaking through the 50 day moving average last Friday we saw a significant move higher yesterday. If the yield can continue to move up and put distance between itself and its 50 dma then are likely to see a strong, long term rally. The 50 dma is still moving downward but when this turns around we are in true rally mode.
WIth the 10 year yield being at 3.55% there is plenty of upside potential. This summer we saw the yield move all the way up to 4%. When this happened, mortgage interest rates pushed higher to 5.59% which was the highest level of the year. Look for something similar if the rally in the 10 year yield continues into November and December.
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
Comments
Leave a Reply