Conditions in the domestic markets appear to be influenced more right now by the recently implemented Federal Reserve policy of purchasing longer-term Treasury bonds and mortgage-backed securities, both of which are designed to push long-term interest rates lower. Thus it should not come as much of a surprise that rates for long-term debt, such as 30-year fixed-rate mortgages, are responding in kind to the move while shorter-term rates, such as those on 5-year ARMs, have not necessarily followed suit.
Still, as there is much uncertainty and hence volatility in the financial markets right now, it is difficult to say for sure whether the recent short-term moves in mortgage rates signal any trend at all. That will have to await the release of the national weekly mortgage rate surveys between now and Friday.
Today's mortgage rates roughly steady for day, down for week on overnight surveys
With one exception, today's mortgage rates are about the same as yesterday's on the national overnight surveys, with the week-to-week movements either steady or lower.
Yesterday's average afternoon mortgage rates on the Zillow.com National Mortgage Marketplace, with changes from Sunday and Sept. 29, are: 30-year fixed, 3.75% (-4 points, -14 points); 15-year fixed, 3.18% (unchanged, unchanged); 5-year ARM, 2.71% (-1 point, -2 points). Today's real-time rates as of 9 a.m., with changes from yesterday morning and afternoon, are: 30-year fixed, 3.76% (+5 points, +1 point); 15-year fixed, 3.16% (+4 points, -2 points); 5-year ARM, 2.67% (+14 points, -4 points).
This morning's average mortgage rates on the Bankrate.com overnight survey, with changes from yesterday and one week ago, are: 30-year fixed, 4% (unchanged, -9 points); 15-year fixed, 3.37% (+2 points, +1 points); 5-year ARM, 2.99% (-3 points, -2 points); 30-year fixed refinance loan, 4.11% (+1 point, -8 points).
One basis point equals one hundredth of a percentage point. Rates reported in this article assume good credit (FICO score of 650 or higher) and a 20% down payment. Morning rates from Zillow.com are for loans for the most creditworthy borrowers (FICO score of 720 or higher).