FHA Home Loan Rates October 2 – Current Mortgage Rates Steady
Posted on | October 2, 2009 | 1 Comment
FHA home loan rates for October 2nd, 2009 have been steady early on. There was great volatility yesterday but current mortgage rates have not moved a great deal today. The conventional 30 year fixed rate mortgage is at 4.92% which puts the FHA 30 year fixed at 5.67%. FHA loan rates are usually about .75% higher than conventional rates but that definitely adjusts from lender to lender.
Yesterday we saw the conventional 30 year fixed start out the day at 4.84% before moving all the way up to 4.97% by noon and then a drop to 4.89% to close the day. This is going to be the theme for October as their are many factors that are going to affect mortgage rates over the coming month. Overall, I would predict that mortgage rates put a bottom in during this month and start to move up in November.
The actions by the Fed are going to go a long way in moving mortgage rates. After the last Federal Reserve Bank meeting, the United States printing press said they were going to stop buying US debt in the form of treasuries. If this is truly the case then we are likely to see treasury yields increase which in turn will cause mortgage interest rates to increase as they have a strong correlation. Only time will tell what happens with this scenario.
Make sure to check out Subprime Blogger on a daily basis for your FHA loan rates. We will display the current FHA loan rates as well as a short commentary similar to the above column. Bookmark the following FHA Loan Rates category to gain easier access to our daily FHA rates column:
Author: Heather Best
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One Response to “FHA Home Loan Rates October 2 – Current Mortgage Rates Steady”
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October 2nd, 2009 @ 9:47 am
I currently have a $ 50,k mortgage, do i qualify, for re-finance. thank you.