European Union leaders are set to meet this Sunday to try to hammer out a deal to resolve yet again the ongoing debt crisis. However, statements by German officials yesterday raised doubts that a deal could be reached, sending European and American stock markets into a tailspin. On top of this, Moody's Investors Service warned that France was at risk of losing its triple-A credit rating in the next three months if its balance sheet deteriorates as a result of propping up the euro and the country's tottering banks.
The renewed signs of trouble in Europe have stalled the recent mortgage interest rate correction that has sent rates up modestly from their recent all-time lows.
Today's mortgage rates send mixed, but mostly lower, signals on overnight surveys
Both day-to-day and week-to-week movements on the major overnight surveys also show no clear direction, as today's mortgage rates are higher in some categories and lower in others relative to both yesterday and last Tuesday. On the Bankrate.com survey, today's rates are all lower relative to yesterday and mixed relative to last week, while on Zillow.com, they are higher for the day and lower for the week.
This morning's average mortgage rates on the Bankrate.com overnight survey, with changes from yesterday and one week ago, are: 30-year fixed, 4.19% (unchanged, +4 points); 15-year fixed, 3.46% (-3 points, -2 points); 5-year ARM, 3.04% (-3 points, -3 points); 30-year fixed refinance loan, 4.29% (-1 point, +3 points).
Yesterday's average afternoon mortgage rates on the Zillow.com National Mortgage Marketplace, with changes from Sunday and one week ago, are: 30-year fixed, 3.98% (+3 points, -2 points); 15-year fixed, 3.33% (+3 points, -8 points); 5-year ARM, 2.85% (+1 point, -13 points). Today's real-time rates as of 8 a.m., with changes from yesterday morning and afternoon, are: 30-year fixed, 3.99% (+1 point, +1 point); 15-year fixed, 3.34% (+3 points, +1 point); 5-year ARM, 2.92% (+8 points, +7 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).