VA Home Loan Mortgage Rates October 22 – Rates Mixed Today
Posted on | October 22, 2009 | 1 Comment
VA home loan mortgage rates for October 22nd, 2009 are mixed. Today we are seeing the conventional 30 year fixed rate mortgage up to 4.84% while the 15 year fixed rate mortgage is down to 4.26%. The conventional 5/1 ARM is also down to 3.61%. VA home loan mortgage rate are generally between .5% and 1% lower than conventional mortgage rates so you can see that a VA home loan is a great way to finance your home in the current mortgage environment.
The 10 year treasury rate yield was up significantly early but worked its way lower throughout the day. The close was still above the 50 day moving average which could be significant. If the 10 year yield can stay above its 50 dma tomorrow this could go a long way towards the beginning of a new long term up trend. There is still a very good chance the the yield could fall back below the 50 dma and find support at the 200 day moving average as well.
The 10 year treasury rate yield and the 30 year fixed mortgage rate have had a strong correlation since 1971 and that has not changed in recent years. As the 10 year yield increases the 30 year fixed mortgage rate follows and vice versa. If this short term rally in treasury yields turns into a long term rally then we are likely to see mortgage interest rates move much higher.
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: Mike Garner
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October 22nd, 2009 @ 5:26 pm
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