Upward spike continues with today's mortgage rates

Sandy Smith's picture

European finance ministers are on the verge of working out an agreement that will allow the ongoing bailout of Greece to continue, subject to the results of an election in Slovakia. Wall Street was positively giddy yesterday as investors anticipate strong corporate earnings reports. For mortgage rates, all this means only one thing: The race to the bottom is over, at least for now.

And movements on the national overnight surveys strongly suggest this is the case, as mortgage rates posted sharp gains from the previous week just about across the board. Day-to-day changes were also larger than the 1- to 2-basis-point range analysts consider as "holding steady."

Even with today's gains, however, mortgage rates remain extremely low by historical standards, and the Federal Reserve's current bond buying program will likely keep them low for some time to come.

Today's mortgage rates sharply higher for week on overnight surveys

With the exception of ARM rates, today's mortgage rates are significantly higher than they were last week at this time on the major overnight surveys. Day-to-day movements, while much smalller, were almost all outside the range considered steady.

This morning's average mortgage rates on the Bankrate.com overnight survey, with changes from yesterday and one week ago, are: 30-year fixed, 4.15% (+3 points, +15 points); 15-year fixed, 3.48% (+3 points, +13 points); 5-year ARM, 3.07% (unchanged, +5 points); 30-year fixed refinance loan, 4.26% (+3 points, +16 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, 4% (+2 points, +21 points); 15-year fixed, 3.41% (+5 points, +23 points); 5-year ARM, 2.98% (+1 point, +26 points). Today's real-time rates as of 10 a.m., with changes from yesterday morning and afternoon, are: 30-year fixed, 3.97% (+2 points, -3 points); 15-year fixed, 3.33% (-4 points, -8 points); 5-year ARM, 2.90% (-7 points, -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).

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