FHA Home Loan Rates January 5 – Mortgage Rates Drop Today
Posted on | January 5, 2010 | No Comments
FHA home loan rates for January 5th, 2009 are down today. The conventional 30 year fixed mortgage rate is down to 4.93% while the conventional 15 year fixed mortgage rate is down to 4.36%. The conventional 5/1 ARM is bucking the trend and is up slightly to 4.08%. The 10 year treasury rate yield has dropped significantly which is a strong reason as to why we have seen lower mortgage rates on this first Tuesday of 2010.
Mortgage rates have been all over the map in the last month with a high of 5.35% and a low of 4.49%. The Federal Reserve Bank has worked very hard to keep interest rates low for an extended period of time but this extended period of time may be ending soon. The Fed plans to stop buying mortgage backed securities at the end of March and that will likely push mortgage rates higher, possibly by one full percentage point.
If you have considered refinancing or locking in to a low mortgage rate in 2010 then it might be a good idea to take action as soon as possible. With the 10 year treasury rate yield being in a strong uptrend and the Fed concluding their mortgage backed securities purchase program by the end of March, mortgage rates could start moving up at any time. Locking into a refinance rate below 5% would be ideal for most home owners.
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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