Current Mortgage Rate Trends – Interest Rates Continue Uptrend Higher
Posted on | July 23, 2009 | 1 Comment
Please use Subprime Blogger to get your mortgage rate trends; all trends articles are updated Monday, Wednesday and Friday. There are also several articles to help you get a home loan modification.
The current mortgage rate trends are showing that mortgage rates are likely to move to the top of the trend channel very soon. The 10 year treasury rate yield was up over 4% today and the value of the US dollar continues to decline. I cannot say that I didn’t call this several months ago. With that being said, a strong move up in the 10 year yield means that average mortgage rates are sure to move higher as well. It is interesting that Freddie Mac reported interest rates of 5.2% this week when many expected it to be much higher.
I would suspect that mortgage rates will start to trend in a direction that is much similar to the current 10 year treasury rate yield. As you can see from the chart, that trend is definitely UP! Unfortunately we have yet to see mortgage rates really move up with the 10 year yield but it is going to happen. Over the 30 year course of mortgage rates being reported, the 10 year treasury rate has over a 90% cor-relational movement with the 30 year fixed rate mortgage.
This is very bad news for the future of low mortgage rates. Do not be surprised to see a day or week in which mortgage rates move as much as .75%. Sadly, that move is going to be to the upside. If you have been thinking about refinancing or buying your first home, it is advisable to get your mortgage application in now as mortgage rates are sure to rise drastically in the near future!
Please check out the daily Subprime Blogger rant; today I addressed the issue of Robin Hood Obama:
Robin Hood Obama, this story is all too familiar. Small businesses are increasing prices and cutting staff because of YOU! Didn’t you want to increase jobs? Well, your higher tax policy for the wealthy and health care bill are two ways to increase unemployment
Please read the entire article here: Robin Hood Obama, Stop Taking from the Rich to Give to the Poor
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July 26th, 2009 @ 10:18 pm
[...] of America refinance mortgage rates have yet to see the affect of the strong move up by the 10 year treasury rate yield. The yield [...]