Mortgage Interest Rates November 3 – Rates Move Slightly Higher
Posted on | November 3, 2009 | No Comments
Mortgage interest rates for November 3rd, 2009 are up slightly. The conventional 30 year fixed rate mortgage is at 4.82% while the 15 year fixed is at 4.31%. The 5/1 ARM is actually going against the trend and is down to 3.54%. We are likely to see a very volatile week when it comes to mortgage interest rates because we see the 10 year yield on its support level of the 50 day moving average and we should see plenty of economic data.
Mortgage interest rates dropped below 4.8% yesterday while the 10 year yield stabilized at its 50 day moving average. So far, in the month of October and early in November, the 10 year yield moving higher has not had much of an influence on mortgage interest rates. Expect this to change quickly, almost in the blink of an eye. Mortgage rates tend to wait for a strong movement of the 10 year yield and then mortgage rates make drastic moves a few days or weeks later; much like May 2009.
WIth this in mind, now is one of the best times to lock in to a low mortgage rate. If the 10 year yield continues on its strong up trend you never know when mortgage interest rates could see a huge bounce. Before you realize it, mortgage rates could be at 5.5% and the mortgage application is still sitting on your counter; don’t let this happen to you.
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: Heather Best
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