Today's Mortgage Rates Trend From Flat To Down

As the housing market is stabilizing it could have direct effect on today's mortgage rates. When the demand for buying houses and properties goes up the current mortgage rates may move into that direction as well. Another thing that can affect the long term interest loan rates is political instability in any part of the world. This can change the sentiment and drive up the long term mortgage rates.

Zillow mortgage rate marketplace that graphs the averegae rate day by day today points to 4.95 percent for the 30 year fixed mortgages. The trend shows steady downward movement from about 5.18 percent on August 17 to 4.95 percent today.

In its Featured Rates the numbers hover below 5 percent except in one case. PenFed 30 year fixed mortgage rate is 5.125 percent currently. However, Aimloan.com is 4.85, National Mortgage Aliiance rate is the same and Absolute Mortgage Company rate is also 4.87, but with a lower APR than its competitors have.

Today's mortgage rates at Wells Fargo are slightly highger. The 30-year fixed mortgage is at 5.00 percent. The same with FHA is 5.5 percent. The 15-year fixed mortgage is down at 4.5 percent with 4.82 APR. The 5-year fixed mortgage rate is at 3.87 percent currently on Wells Fargo.

Fargo's jumbo rates are a little higher. The 30-year fixed rate is at 6.25 and the 5 Year ARM is 5.12. These rates are as of 09/14/2009 11:16 AM Eastern.

Bankrate.com mortgage rates are not very much different. The 30 yr. fixed rate is at 5.16 percent and 15-yr. fixed is at 4.67. Understandably they may vary from state to state and from town to town.

Experts say that the current mortgage rates can't stay low any longer than few months. Housing market stabilization will drive up the demands for more mortgages.

One of the reasons the mortgage rates have been so low is the Federal reserve. It has earlier purchased mortgage-backed securities to stimulate the housing market and keep the mortgage rates low. Some investors and experts think that later this year the Fed may stop making those purchases. This, in turn, will drive up the current mortgage rates.

Written by Armen Hareyan