30 Year Fixed Mortgage Rates – 5% Mortgage Interest Rates Pushing Higher?
Posted on | March 30, 2010 | No Comments
Many Americans have gotten used to 5% mortgage interest rates but it could be a thing of the past. While the average for 30 year fixed mortgage rates is still slightly below 5% there is a very strong chance of mortgage rates moving higher in the very near future. With the Federal Reserve Bank concluding their mortgage backed securities purchase program many analysts have predicted higher interest rates.
It is also the case that the 10 year treasury rate yield is in a strong up trend. Just last week we saw the 10 year yield break through its 50 day moving average and move much higher. If the 10 year yield makes an assault on 4% then we can expect to see 30 year fixed mortgage rates around 5.5%.
Unfortunately there is little Americans can do to help mortgage rates lower. For over 17 months we have seen fixed mortgage rates very close to all time lows. If you have considered locking in to a low mortgage interest rate it would be wise to take action today rather than wait until it is too late.
Over the next few weeks it will be very interest to see how mortgage rates react. Many analysts and CEOs predicted that mortgage rates were likely to rise in the Spring of 2010 and this looks like it may happen. To lock in low rates make sure to take action now rather than waiting until rates are at 6%.
Author: Mike Garner
Comments
Leave a Reply