The situation with the current mortgage rates is rather quiet this week. The financial markets and analysts are sitting tight weight to see what the Fed is going to do. Will the Fed continue the purchase of mortgage-backed securities or will it end?
Some say mortgage-backed securities purchase program has been effective in keeping the current mortgage rates at low levels. This has stimulated the housing market, which is one of the cornerstones of the U.S. Economy.
Today's 30-year fixed mortgage rate is up at 5.0%. On Monday, rates for 30-year fixed purchase mortgages decreased, with the average rate at 4.96 percent.
According to a story published in the MarketWatch many some say Fed will use it's Wednesday announcement to inform that it may extend the program beyond 2009. It expires this year. Earlier a growing number of observers had called for it, fearing the abrupt stoppage of purchasing of mortgage-backed securities will drive up the mortgage rates.
Thirty-year fixed mortgage rates varied by state. Ohio mortgage rates and Wisconsin mortgage rates decreased the most, from 5.19 percent to 5.12 percent in Ohio and from 5.22 percent to 5.16 percent in Wisconsin. Illinois mortgage rates (5.22%) and Wisconsin mortgage rates (5.16%) were the highest in the country, while Texas mortgage rates (4.96%) and California mortgage rates (4.99%) were the lowest.
Wells Fargo, which updated its today's mortgage rates at 8:59 EST has the following numbers. The 30-years fixed loan rate is at 5 percent even. The 15 years mortgage rates are 4.5 and the APR is at 4.82. The 5 year rate is at 3.87.
Written by Cheryl Phillips
Providence, RI
Exclusive to HULIQ.com
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