Mortgage Interest Rates November 2 – Rates Higher This Week?
Posted on | November 2, 2009 | No Comments
Mortgage interest rates for November 2nd, 2009 are up slightly to start the week. The 30 year fixed rate mortgage is up to 4.84% while the 15 year fixed rate mortgage is up to 4.34%. The 5/1 ARM is also up to 3.76%. It is very early on a Monday morning, 7:45 am eastern, so there is a long way to go before we predict any type of weekly movement out of mortgage rates. With that being said, are we set to see a week of higher mortgage rates?
The 10 year treasury rate yield closed right on its 50 day moving average on Friday so any significant move could determine a medium term direction for the 10 year yield. If it bounces off the 50 dma and starts moving higher then we will likely see a week of higher mortgage rates. If the opposite happens and the 10 year yield breaks down, through the 50 dma, then rates are likely to be stable to down.
There is a good chance that we could see a significant move in either direction this week. For the first time in over half a year the Federal Reserve Bank has stopped buying US Treasuries. Some feel that this has already been baked into the treasury yield level but no one can be 100% confident of that. It will be a very fun week to watch the 10 year yield and see how it affects 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: Tiffany Mann
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