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Mortgage Rates Steadily Increasing
Posted by: RateAPY Bank Rates News
December 22nd, 2009
According to the Freddie Mac Primary Mortgage Market Survey (PMMS) that is published weekly, the average 30-year fixed conforming mortgage rate hit the 2009 low on December 3 at 4.71% with 0.7% points. But for the last two weeks, mortgage rates have been leaping higher. On December 10, mortgage rates jumped up .10% to 4.81% with 0.7% points. The most recent survey published on December 17 shows another .13% increase, taking the average 30-year fixed conforming mortgage rate to 4.94% with 0.7% points.
Positive Economic News Causes MBS Investors to Sell
When investors sell mortgage backed securities (MBS), it causes yields to go up. Positive economic news has led investors to believe they can sell their safe, fixed-income instruments such as MBS and take more risk in equities for a higher return on their investments. If you are purchasing or refinancing a home, lock your rate in now to avoid missing the best mortgage rates.
- Posted in Bank Deals | Mortgage Rates
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Posted by: Online Source for the Best Bank Rates & Bank Deals Best by about
Posted: December 22, 2009
[...] is the original post: Online Source for the Best Bank Rates & Bank Deals By admin | category: best refinancing rates | tags: 10th-mortgage, average, [...]