Mortgage Rates Finish Week Lower to 4.84%
Posted on | October 16, 2009 | 1 Comment
Mortgage rates finished this week lower as rates traded down to 4.84% late on Friday. The week has been very interesting in the fact that the 10 year treasury rate yield continues to find solid ground and has started an up trend. On Thursday we saw the 10 year yield break its 50 day moving average and retrace that break on Friday. It will be interesting to see if the yield continues higher next week.
If the 10 year yield does continue higher we can expect to see mortgage interest rates higher as well. Although the 30 year fixed mortgage rate is currently well below 5%, if the 10 year yield can find an up trend above its 50 day moving average it is very unlikely that we are going to see the 30 year fixed below 5% again anytime in the near future.
With this being said there is still a very good chance that the yield will drop below its 50 dma and start grinding sideways or down for a few weeks. If this is the case you can expect mortgage interest rates to do the same thing as well. It is unlikely that mortgage rates will hit an all time low very soon but with rates well under 5% now is a great time to buy a home or refinance your current home mortgage.
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Author: Alan Lake
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October 17th, 2009 @ 9:01 pm
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