Mortgage Interest Rates December 8 – Rates Drop Early Today
Posted on | December 8, 2009 | No Comments
Mortgage interest rates for December 8th, 2009 are down early as the 10 year yield is down significantly. Today we are seeing the 30 year fixed mortgage rate at 4.66% while the 15 year fixed rate is down to 4.21%. The 5/1 ARM is also down to 3.73%. Mortgage interest rates and the 10 year yield have been extremely volatile over the last few weeks so it might be a good idea to keep up with current rates if you are in the market to refinance or buy a new home.
Last week the 10 year yield was up over 7% while this week has seen a 3% drop. These large swings are causing mortgage rates to be very volatile. The 30 year fixed has gone from 4.49% all the way up to 4.76% and is now back down to 4.66%. These volatile swings are not good for the housing market as it scares many home owners who do not follow mortgage interest rates closely.
The 10 year yield has now dropped below its 50 day moving average but anything can happen in the current market environment. With the Federal Reserve Bank working hard to keep interest rates low while the 10 year yield is trying to be set by the market there has been a push and pull since March 2009. The Federal Reserve has done a great job of keeping interest rates low but eventually the market is going to set interest rates and that means higher mortgage 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: Jesse Wojdylo
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