Bad Credit Online Magazine - Daily News and Advice on Credit, Debt and Mortgage : Mortgage interest rates just going higher

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November 04, 2005

Mortgage interest rates just going higher

10 Year Treasury Note yield crossed 4.6 percent yesterday, the first time since the end of March or so. The 30 year fixed conforming rate mortgage stands around 6.25 percent. 15 year fixed conforming averages 5.875 percent. When I call these numbers, I mean the simple fact - a person with good credit can easily get these rates if buying or refinancing, with paying no points whatsoever, only the closing fees.

Now, the important thing is trying to figure out what is going to happen with the 10 Year bond next. If sell off continuous steady as it has been for the last 3.5 months, even if mild as it has been, it will continue pushing the yield further up and mortgage interest rates will move in tandem. Just look at this trend staring with the very end of August, where it briefly touched 4 percent. From that point on, the trend has been up and up. Right now we are at the highest for the year. I would say that the rise will continue.

Posted in Mortgages at November 4, 2005 01:51 PM

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