VA Home Loan Mortgage Rates October 16 – ARM Rates Up Today
Posted on | October 16, 2009 | 1 Comment
VA home loan mortgage rates for October 16th, 2009 are mixed today as fixed rates are down and ARM rates are up. The conventional 30 year fixed mortgage rates is at 4.89% while the 15 year fixed is at 4.33%. The conventional 5/1 ARM is up to 3.92%. VA home loan mortgage rates are generally .5% to 1% lower than conventional mortgage rates so you can do the math and see that VA mortgage interest rates are at a very low level.
The 10 year treasury rate yield broke through its 50 day moving average yesterday but had the classic retrace today. If the 10 year yield can break and retrace the 50 day moving average and then move higher then it is likely the yield is on its way to 4%. If this happens you can expect that we will no longer see conventional mortgage rates below 5%.
The main reason that we saw mortgage interest rates above 5% all summer was the fact that the 10 year treasury rate yield was increasing. It almost sees like deju vu a few months later. There is still a good chance that the yield could fall below its 50 day moving average and grind sideways for a few weeks or months but with the Fed stopping their purchases of US Treasuries this does not seem very likely. With that in mind, it would be wise to lock in at a low mortgage rates today.
Make sure to check out Subprime Blogger on a daily basis for your VA home loan rates. We will display the current VA home loan rates as well as a short commentary similar to the above column. Bookmark the following VA Loan category to gain easier access to our daily VA loan rates column.
Author: Tiffany Mann
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October 16th, 2009 @ 3:48 pm
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