FHA Home Loan Rates October 29 – ARM Rates Up
Posted on | October 29, 2009 | No Comments
FHA home loan rates for October 29th, 2009 are mixed early in the day. The conventional 5/1 ARM is up to 3.73% while the 15 year fixed rate mortgage is unchanged at 4.29%. The conventional 30 year fixed mortgage rate it up to 4.9%. FHA home loan rates are generally .5% to .75% higher than conventional mortgage rates but are still very attractive at this point.
Early on in the trading day we are seeing the 10 year treasury rate yield bounce off its 50 day moving average. There were two steep down days to get the yield back to its 50 dma but it looks as if this might hold as support at least temporarilly. If the 50 dma starts to up trend and serves as a level of support for the 10 year yield we could see it move all the way back up to the summer highs of 4%.
If the 10 year yield does move to 4% we are likely to see mortgage interest rates move to 5.5% or higher in the month of November or December. This is not what home owners who wanted to refinance at lower rates wanted to hear but it is definitely the case. If you want to refinance under 5% then it would be a wise decision to go ahead and get started with the process today.
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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