RateAPY

Current Mortgage Rates Remain Below 5.0%

Posted by: RateAPY Bank Rates News
October 23rd, 2009

According the weekly survey by Freddie Mac, the average fixed rate for a 30-year mortgage was below 5% for most of October–around 4.9% with 0.7 points. Mortgage rates are under upward pressure, however, since the latest Freddie Mac numbers released October 22 showed the average 30-year fixed rate at 5.00% with 0.7 points. If you have been waiting to refinance, now is a good time to consult with a mortgage lender.

Interest Rates Poised to Increase

Several large banks recently reported profits for the first time all year. This news sent investors into buying mode, keeping the Dow around the 10,000 mark. In the past few days, other economic indicators have demonstrated mixed news: unemployment is up in many states, though in fewer states than previously reported. If economic conditions sustain improvement in the next weeks, however, mortgage rates may increase. On days when investors buy stocks, they often sell mortgage-backed securities, driving average mortgage rates higher.

Refinance Your Home Mortgage at Current Mortgage Rates

Catch the mortgage rates now before they float above 5.0%. Rates are subject to change without notice. You can look for current mortgage rates online.