FHA Home Loan Rates October 23 – Current Rates Mixed
Posted on | October 23, 2009 | 1 Comment
FHA home loan rates for October 23rd, 2009 are mixed. Current conventional 30 year fixed rate mortgages are up to 4.85% while 15 year mortgage rates are down to 4.27%. The 5/1 ARM is up slightly to 3.71%. FHA home loan rates are generally .5% to 1% higher than conventional mortgage rates so you can do the math and see that FHA loan rates are still very low and now is a great time to refinance.
The 10 year treasury rate yield has moved well above its 50 day moving average this morning but that can change at any time. With it being so early in the trading day we can make no conclusions but if the 10 year yield stays above its 50 dma we could see a long term trend forming. In early October we at Subprime Blogger predicted a short term rally in the 10 year yield but we didn’t know if the 50 dma would serve as a strong point of resistance.
Now that the 50 dma has been broken we could see a move higher towards 4%. If the 4% level is reached on the 10 year yield you can expect mortgage rates to go well above 5% and likely above 5.5%. With that in mind, the President and his staff are working very hard to keep interest rates low so something has to give; only the movements of the market over time will prove where rates are going.
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: Tiffany Mann
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October 23rd, 2009 @ 10:26 pm
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