Market Signals Mixed As Mortgage Rates Remain Fantastic

The 10 year bond yield had been moving up as the stock market rallied most of last week. However, as is usually the trend, when the DOW is trading down, investors move funds to the safety of Treasury bonds, driving prices up and yields down. The yield at this moment is 3.32%, down 6 basis points from the close on Friday. This will have very little effect on today's mortgage rates this morning.

Last week, according to Fannie Mae, mortgage rates hit a low of 4.87% nationwide average for the 30 year fixed rate mortgage. As the markets open this morning, the average rate is closer to 5%. It is important to remember that mortgage rates are very volatile and can change multiple times a day, as the markets move, with breaking economic news.

Following are average rates being shown nationwide as the markets open this morning:

5% 30 year fixed
4.25% 15 year fixed
4.0% 5/1 ARM
5% 30 year FHA
5% 30 year USDA rural
5% JUMBO 5/1 ARM

Remember these rates are average nationwide. Mortgage rates fluctuate from state to state and lender to lender. These rates do not include closing costs.

Written by Shelby Bateson