The biggest factors that will determine what mortgage rates are likely to do this month include consumer confidence, unemployment numbers and government intervention. The latest survey compile by Freddie Mac's Primary Mortgage Market Survey show fixed rate mortgages increasing over 0.40 percent and adjustable rate mortgages increasing over 0.15 percent.
Fixed rate mortgage are likely to show the biggest increases throughout the month as they are driven more by the overall US economy outlook for the near future (up to 5 years or so). Adjustable mortgage rates will likely show minimal increases as I believe the governmnet will step in and make big investments to that will help ease investors worries.
Forecasted average mortgage rates in November:
30 year fixed rate - 6.90 percent
15 year fixed rate - 6.625 percent
5 year adjustable rate - 6.5 percent
1 year adjustable rate - 5.625 percent
To see todays Mortgage Rates and latest mortgage news visit Future Planning Financial at www.fpf-direct.com.
Posted November 3rd, 2008 by jredz
