Mortgage Interest Rates January 31 – Rates Down Today in Light Volume
Posted on | January 31, 2010 | No Comments
Mortgage interest rates for January 31st, 2010 are down in light volume today. The 30 year fixed mortgage rate is down to 4.84% while the 15 year fixed mortgage rate is down to 4.25%. The 5/1 ARM is actually bucking the trend and is up to 3.8%. It is very important to note that Sundays are usually very light in volume as most banks are closed and all financial markets are closed until Monday.
The 10 year treasury rate yield hit a very strong support level at the 50 day moving average last week. It saw a slight bounce but is pulling back towards the support level again. Both the 50 day and 200 day moving averages are moving up so this is a sign that we are seeing a bull market for treasury yields. Another leg up and you can be assured that mortgage rates will move up as well.
It seems that the storm brewing is going to hit hard in the spring of 2010. The Federal Reserve Bank is going to stop buying mortgage backed securities at the end of March. At the end of April the first time home buyers tax credit expires and 10 year yields could be breaking to new multi year highs about the same time. This should lead to a very exciting spring for 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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