Home Mortgage Loan Rates – Low Mortgage Rates in November
Posted on | November 2, 2009 | No Comments
Home mortgage loan rates continue to drop as November is showing mortgage rates well below 5%. Low mortgage rates in November seems to be a very strong possibility as we are currently seeing the 30 year fixed mortgage rate at 4.74% while the 15 year fixed mortgage rate is at 4.23%. It is still very early in the month but these are levels we have not seen in quite some time.
The Federal Reserve Bank has worked very hard to keep mortgage interest rates low and it seems to be working wonderfully. The 30 year fixed mortgage rate has been at or below 5% since the beginning of September and that does not seem to be changing. The Fed announced that they were no longer going to buy US Treasuries but that doesn’t seem to be affecting mortgage rates that much; yet!
The Fed continues to buy mortgage backed securities and will do so until the end of March 2010. This is likely to keep mortgage rates at low levels. The fact that the 10 year treasury rate yield is up trending yet mortgage rates have been stable to lower shows that the Fed truly has a grip on mortgage rates. Eventually we are going to see mortgage interest rates move in the same direction of the 10 year yield but it might not be very soon.
If you have been thinking about refinancing or getting your first home loan now might be as good of a time as ever. Mortgage interest rates are well below 5% and mortgage lenders are more than happy to help you with the mortgage process. President Obama and his staff have worked very hard to allow you to lock in to low mortgage rates so do not pass this opportunity up.
There are many mortgage lenders and companies out there that are advertising their services. You cannot do a Google search for anything housing related with seeing several specific companies that are providing low mortgage rates. It would be advisable to contact several of these companies before making a final decision. Use the stiff competition to get the services you want.
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Author: Heather Best
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