Mortgage Rates Unchanged Today
The current interest rates sit virtually unchanged today after having made up for losses at the opening bell.
Fed Chairman Bernanke was due to testify before the House today, but they’re taking a snow day today as a second storm barrels at them. There wasn’t much data due out this week, but there is even less when the government is shut down to start the week.
We were pointing to the Greece mess and how it may impact mortgage rates. European Central Bank President Trichet left Australia earlier than planned to get back to work on the rescue plan. The insurance markets essentially have Greece at a 20:1 shot to default. A whole country at 20:1 is not good, but if the EU bails out Greece, then Portugal, Spain, and Ireland have probably already written their bailout request letters.
Understandably, money has flooded into the U.S. banking system since this began. The money went into bonds for safety. Should the Greece issue be resolved to the satisfaction of global investors, rates could very easily jump .5% overnight.
Current Mortgage Loan Rates
We’re going to open the week right on a tipping point on most loans. Depending on credit score, property type and all the normal details, the 30 Year Fixed rates were trying to break past that 5% mark when the market opened today.
We saw 4.875% early, but the market has sold off a little bit this morning. We’re seeing equal movement both FHA and conventional.
We’re seeing the same ranges on the other loan products. The 5/1 ARM at 3.875% at open, back up to 4% with many lenders. The 7/1 ARM is jumping around near 4.25% and the 10/1 ARM has had the least change to still rest right near 4.5%.
As mentioned in this week’s mortgage rate predictions, we expect much of the volatility to come from overseas news. Weeks like this tend to be very volatile from day-to-day. If you’re thinking about a lock, I wouldn’t think too hard. Interest rates are at their best levels in 6 weeks.
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Chicago Refinancing Activity Surges Again
How low have rates gone in this most recent rally? Low enough that the Mortgage Bankers Association is reporting a 21% surge in mortgage applications last week.
Today’s ADP report beat expectations. In this week’s mortgage rate predictions, we cited the ADP report and Friday’s non-farm payrolls report as the big drivers for the week. We still think Friday will be the definitive break out day for rates. It still looks like the risk-reward is 2:1 in the favor of locking. We’re still right at 5% on the 30 Year Fixed and it is probably equally likely that rates dip .125% or jump .25%.
Budgets that have $1T+ deficits mean that the Treasury needs to raise a lot of money. Here is just next week’s schedule:
- $40B 3-yrs Tuesday
- $25B 10-yrs Wednesday
- $16B 30-yrs Thursday
Eventually this supply will put pressure on rates. This is a graph of today’s pricing on a few securities. While mortgage rates are currently unchanged, the 10 Year yield is up .33% today. There is no direct relationship between the 10 Year and today’s mortgage rates, but they eventually need to head in the same direction. Fortunately today’s sell-off has been limited to Treasuries…so far.
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Mortgage Bonds Up Slightly Today
Mortgage rates just took a nice turn towards the end of the day in what was otherwise very quiet. If mortgage bonds can sustain their current levels, they’ll close just above key numbers at the 50- and 100-day moving averages.
We’re still right around 5% on that benchmark 30 Year Fixed. The 5/1 ARM is disgustingly low in the upper 3%’s. The 10/1 ARM is interesting as well. At 4.5%, it carries an interesting trade-off versus the 30 Year Fixed for people who know they are going to have a change in life circumstance long before 10 years.
Tomorrow’s ADP report will be a market mover. Bonds had been in a very good streak for about three weeks and almost slipped into a slump.They have more to lose than to gain going into tomorrow’s ADP report and Friday’s government non-farm payrolls report, but today was a show of strength towards the end of the day.
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Today’s Home Mortgage Rates
Today’s interest rates are slightly higher than Friday’s. Inflation was contained, but even subtle increases can cause rates to jump. In the past few weeks, bonds have risen back to the top of their trading range.
That means that rates are more likely to go up than go down. Added to it, President Obama announced a $3.8 Trillion budget today. In order to pay for a $1.3T deficit, the Treasury auctions will continue for some time.
This could have a negative impact on Mortgage Bonds and home loan rates, especially after March 31st, once the Fed is no longer buying Mortgage Backed Securities.
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GDP Soars, Mortgage Rates Intact
At 7:30 this morning, GDP came in at 5.7% versus 4.7%. This is good economic news and pushed stocks up at the expense of bonds. Today is a busy day, Microsoft beat earnings estimates, the Chcago PMI was 61.5 versus 57.2, and Consumer Sentiment was 74.4 versus 73.0 expected. That, in a nutshell, should cause mortgage rates to skyrocket.
It didn’t. The 5% 30 Year Fixed is relatively unchanged and bonds have fought back to flat on the day, slightly better since rate sheets came out. We could be seeing an intraday rate change for the better.
Current Interest Rates
| No Origination Fees or Origination Points On These Rates, Read Assumptions for Full Details. | ||
| 30 Year Fixed | ||
| Rate | Discount Points | APR |
| 4.875% | 0.65% | 5.000% |
| 5.000% | 0.03% | 5.072% |
| 5.125% | 0.00% | 5.147% |
| 20 Year Fixed | ||
| Rate | Discount Points | APR |
| 4.625% | 1.37% | 4.808% |
| 4.750% | 0.37% | 4.849% |
| 4.875% | 0.00% | 4.916% |
| 15 Year Fixed | ||
| Rate | Discount Points | APR |
| 4.250% | 0.69% | 4.371% |
| 4.375% | 0.00% | 4.428% |
| 4.500% | 0.00% | 4.511% |
| 7/1 ARM | ||
| Rate | Discount Points | APR |
| 3.875% | 1.10% | 4.026% |
| 4.000% | 0.80% | 4.127% |
| 4.125% | 0.45% | 4.225% |
| 5/1 ARM | ||
| Rate | Discount Points | APR |
| 3.375% | 1.11% | 3.521% |
| 3.500% | 0.78% | 3.621% |
| 3.625% | 0.46% | 3.721% |
| FHA 30 Year Fixed | ||
| Rate | Discount Points | APR |
| 4.750% | 1.37% | 5.673% |
| 4.875% | 0.74% | 5.742% |
| 5.000% | 0.00% | 5.789% |
| Assumptions | ||
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Mortgage Rates Steady – Jan. 28, 2010
Mortgage rates survived the volatility of yesterday’s Fed statement without losing too much ground.
These FOMC meetings typically inspire volatility that is off the charts. Instead, it’s been eerily flat for the past two days. The market has a lot to digest, the FOMC statement, the State of the Union, and it is also corporate earnings season.
When the market chooses a direction, it could move quickly. Check today’s daily update for a 60 day mortgage rate forecast.
Current Mortgage Loan Rates
| No Origination Fees or Origination Points On These Rates, Read Assumptions for Full Details. | ||
| 30 Year Fixed | ||
| Rate | Discount Points | APR |
| 4.750% | 1.33% | 4.931% |
| 4.875% | 0.63% | 4.998% |
| 5.000% | 0.01% | 5.070% |
| 20 Year Fixed | ||
| Rate | Discount Points | APR |
| 4.625% | 1.36% | 4.807% |
| 4.750% | 0.38% | 4.850% |
| 4.875% | 0.00% | 4.916% |
| 15 Year Fixed | ||
| Rate | Discount Points | APR |
| 4.250% | 0.72% | 4.374% |
| 4.375% | 0.00% | 4.432% |
| 4.500% | 0.00% | 4.514% |
| 7/1 ARM | ||
| Rate | Discount Points | APR |
| 3.875% | 1.11% | 4.026% |
| 4.000% | 0.76% | 4.124% |
| 4.125% | 0.42% | 4.223% |
| 5/1 ARM | ||
| Rate | Discount Points | APR |
| 3.250% | 1.42% | 3.418% |
| 3.375% | 1.08% | 3.519% |
| 3.500% | 0.75% | 3.618% |
| FHA 30 Year Fixed | ||
| Rate | Discount Points | APR |
| 4.750% | 1.51% | 5.685% |
| 4.875% | 0.88% | 5.754% |
| 5.000% | 0.00% | 5.790% |
| Assumptions | ||
Stocks, Bonds, and Mortgage Rates All Flat Today
Stocks are currently down .18%. Bond prices are up .03. Mortgage rates are virtually unchanged.
If you are bored and want volatility, sit tight: The Fed policy statement is out within a few hours and we’ll see a whole day’s worth of trading in about 10 minutes. If the Fed is rosy on the economy, mortgage rates could skyrocket. If they see lingering concerns, loan rates could dip slightly.
Current Mortgage Rates
| No Origination Fees or Origination Points On These Rates, Read Assumptions for Full Details. | ||
| 30 Year Fixed | ||
| Rate | Discount Points | APR |
| 4.750% | 1.06% | 4.908% |
| 4.875% | 0.38% | 4.976% |
| 5.000% | 0.00% | 5.048% |
| 20 Year Fixed | ||
| Rate | Discount Points | APR |
| 4.625% | 0.96% | 4.774% |
| 4.750% | 0.06% | 4.822% |
| 4.875% | 0.00% | 4.889% |
| 15 Year Fixed | ||
| Rate | Discount Points | APR |
| 4.250% | 0.43% | 4.350% |
| 4.375% | 0.00% | 4.413% |
| 4.500% | 0.00% | 4.498% |
| 7/1 ARM | ||
| Rate | Discount Points | APR |
| 3.750% | 1.13% | 3.901% |
| 3.875% | 0.71% | 3.994% |
| 4.000% | 0.33% | 4.089% |
| 5/1 ARM | ||
| Rate | Discount Points | APR |
| 3.250% | 1.18% | 3.399% |
| 3.375% | 0.85% | 3.500% |
| 3.500% | 0.52% | 3.600% |
| FHA 30 Year Fixed | ||
| Rate | Discount Points | APR |
| 4.750% | 1.24% | 5.662% |
| 4.875% | 0.62% | 5.732% |
| 5.000% | 0.00% | 5.769% |
| Assumptions | ||
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Interest Rates Slightly Better
Mortgage rates started the day slightly better today, although the stock market has reversed from earlier lows. There might be some give and take this morning in advance of the auctions later today. For now, rates are steady and slightly better than yesterday.
Today’s Mortgage Loan Rates
| No Origination Fees or Origination Points On These Rates, Read Assumptions for Full Details. | ||
| 30 Year Fixed | ||
| Rate | Discount Points | APR |
| 4.750% | 1.03% | 4.906% |
| 4.875% | 0.33% | 4.971% |
| 5.000% | 0.00% | 5.044% |
| 20 Year Fixed | ||
| Rate | Discount Points | APR |
| 4.500% | 1.35% | 4.680% |
| 4.625% | 0.89% | 4.767% |
| 4.750% | 0.03% | 4.820% |
| 15 Year Fixed | ||
| Rate | Discount Points | APR |
| 4.250% | 0.48% | 4.354% |
| 4.375% | 0.00% | 4.415% |
| 4.500% | 0.00% | 4.498% |
| 7/1 ARM | ||
| Rate | Discount Points | APR |
| 3.750% | 1.26% | 3.912% |
| 3.875% | 0.83% | 4.004% |
| 4.000% | 0.50% | 4.103% |
| 5/1 ARM | ||
| Rate | Discount Points | APR |
| 3.125% | 1.41% | 3.291% |
| 3.250% | 1.08% | 3.392% |
| 3.375% | 0.75% | 3.492% |
| FHA 30 Year Fixed | ||
| Rate | Discount Points | APR |
| 4.750% | 1.20% | 5.659% |
| 4.875% | 0.57% | 5.729% |
| 5.000% | 0.00% | 5.765% |
| Assumptions | ||
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Mortgage Rates Tick Up Slightly
Stocks are recovering slightly this morning after a miserable week last week and it’s caused rates to drift only slightly higher. On this week’s mortgage rate predictions, we are focused on one thing: Wednesday’s Federal Open Market Committee press release.
There are big reports on housing, consumer confidence and GDP hits Friday, but in a Fed week nothing else matters. There are eight meetings per year and they are among the eight most volatile trading sessions every year as well.
Current Mortgage Rates
| No Origination Fees or Origination Points On These Rates, Read Assumptions for Full Details. | ||
| 30 Year Fixed | ||
| Rate | Discount Points | APR |
| 4.750% | 1.28% | 4.927% |
| 4.875% | 0.51% | 4.987% |
| 5.000% | 0.00% | 5.060% |
| 20 Year Fixed | ||
| Rate | Discount Points | APR |
| 4.625% | 1.21% | 4.794% |
| 4.750% | 0.32% | 4.845% |
| 4.875% | 0.00% | 4.913% |
| 15 Year Fixed | ||
| Rate | Discount Points | APR |
| 4.250% | 0.62% | 4.365% |
| 4.375% | 0.00% | 4.428% |
| 4.500% | 0.00% | 4.511% |
| 7/1 ARM | ||
| Rate | Discount Points | APR |
| 3.875% | 1.00% | 4.018% |
| 4.000% | 0.67% | 4.117% |
| 4.125% | 0.35% | 4.216% |
| 5/1 ARM | ||
| Rate | Discount Points | APR |
| 3.250% | 1.23% | 3.404% |
| 3.375% | 0.91% | 3.504% |
| 3.500% | 0.58% | 3.605% |
| FHA 30 Year Fixed | ||
| Rate | Discount Points | APR |
| 4.750% | 1.42% | 5.677% |
| 4.875% | 0.79% | 5.747% |
| 5.000% | 0.00% | 5.782% |
| Assumptions | ||