One would think that after yesterday's MBA report today's mortgage rates would have fallen further or at least stayed flat. However, that's not the case. The current mortgage rates in Zillow's national average graph show that they inch up.
The Mortgage Bankers Association yesterday reported that in the past week the mortgage applications decreased by 8 percent. The association blamed the dip to the previous shortened week and to the recent rise in the home loan rates.
After the report was released the national averages or the rates came slightly down and were expected to stay there if not going down further this morning. However, Zillow's national averages show a different picture.
This morning Zillow shows that the current mortgage rates nationally have gone up. The 30-year fixed rate is currently at 5.09 percent. It is up from yesterday's 4.9 percent. The 15-year fixed rate nationally is currently at 4.45. Currently the 5/1 ARM is at 4.09 percent.
As we are writing this story on Zillow's Marketplace the 30-year fixed rate dropped to 5.03 percent from the 5.09 that we reported above.
Bankrate mortgage rates are not down either. Today it shows that the 30-yr. fixed rate is at 5.20 percent level. The 15 yr. fixed is at 4.66. The 5/1 ARM at Bankrate currently shows at 4.30%.
If the current mortgage rates stay at this level or go up and wee see that the mortgage applications have picked up the pace in two weeks, we can start making conclusions that there is some seriously positive movement in the U.S. Housing Market. In the meanwhile the MBA this morning said that "Mortgage bankers made an average profit of over $1,088 on each loan they originated in the first quarter of 2009."
Written by Armen Hareyan
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