Mortgage Interest Rates December 22 – Rates Continue Higher Today
Posted on | December 22, 2009 | No Comments
Mortgage interest rates for December 22nd, 2009 are moving higher again. Today we are seeing the 30 year fixed rate mortgage up to 4.85% while the 15 year fixed rate mortgage is up to 4.36%. The 5/1 ARM is also up to 4%. We are reaching levels for mortgage rates that we have not seen in a few months and it is mostly due to the accelerating uptrend of the 10 year treasury rate yield.
Once again, this morning, we are seeing the 10 year yield push higher. The 10 year yield is now at 3.73%; at the beginning of December the yield hit a low of 3.2%. This strong move higher has pushed mortgage interest rates higher but there is still more upside potential for both. The next strong level of resistance for the 10 year yield is at 4%. The the yield gets this high, expect the 30 year fixed mortgage rate to be around 5.5%.
The Federal Reserve Bank is going to stop buying mortgage backed securities in March 2010 which is likely to push mortgage rates .5% to 1% higher. There is a good chance that this move higher is starting to anticipate that so it will already be baked in before the end of March rolls around; only time will tell.
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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