Thursday, November 12, 2009

Important Mortgage News.

Mortgage interest rates were mixed this past week, 30 year mortgage rates stayed above 5.00 percent this week and are slightly higher than last week’s average mortgage rate.

Fifteen year mortgage rates were lower this week over last and 10 year U.S. Treasury yields rose during the holiday shortened week, as of last Friday yields were at 3.43 percent.

Current mortgage rates are expected to remain low for now but will start heading up when strong economic data is reported by the government and inflation becomes a real concern. Another factor that will drive mortgage rates higher is the completion of the Fed program to buy $1.25 billion of mortgage-backed securities. The Fed has already started slowing down the purchases and will complete the program in the first quarter of 2009.

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