If you are monitoring the current mortgage rates grab your mortgage calculator and be ready for another volatile week. With a record supply of Treasury auctions it should very interesting.

Current mortgage rates are higher than just weeks and months ago. Actions taken by the Federal Reserve that started in the fourth quarter of last year helped push down mortgage rates during spring. The Fed's announcement to buy up mortgage-backed securities and long-term Treasury bonds helped keep these borrowing rates down, only to see them climb back quickly beginning in May.

Though today's mortgage rates are slightly lower than earlier this month, the spike in rates since spring pushed the nation's mortgage applications index down 16% for the week ending June 12. The drop in the index comes after a spike of 30% this past March when mortgage rates for a 30-year fixed loan averaged as low as 4.63%. The index, a measure of mortgage refinance and new home applicants, indicates consumers are discouraged by higher borrowing costs not yet offset by a drop in home prices.

Falling yields on both mortgage securities and Treasuries are likely to push current mortgage rates lower in the coming weeks. Rates on 30-year FRMs fell to 5.52% on Monday after closing last week at 5.67% and 5.72% the previous week. Today's mortgage rates look to be stabilizing for now.

Today's rising mortgage rates do worry economists and markets analysts. Most real estate brokers thing that the current mortgage rates may stall the economic growth that has just showed some positive signs of increase as Dow is in the win in 2009.

Current mortgage rates are hampering government efforts for economic recovery. Following a drop in mortgage rates early this spring, potential buyers have been pushed away by rising numbers. The Feds announcement in March to buy more than $1 trillion in mortgages from Fannie Mae and Freddie Mac helped push down borrowing rates. Now with a rise in Treasury yields, these efforts are being scuttled.

Current mortgage rates are at their highest levels since December after the government's Treasury auction yesterday. Treasury yields have been climbing for weeks and went higher as investors demanded higher yields during the sale of $19 billion in the benchmark 10-year notes. Notes were sold at 3.99%, slightly higher than the forecast 3.975%.

In efforts to help standardize and simplify Reverse Mortgage Rates and product offerings FNMA has announced that they will discontinue the purchase of the CMT-indexed Home Equity Conversion Mortgage

After a spike in March, April, and early May, the number of home applications reported by banks has fallen to levels not seen since February. Continued efforts by the Federal Reserve to keep current mortgage rates down are proving insufficient. Today's mortgage rates, after spikes last week, are at the highest levels this calendar year. Rates on 30-year fixed mortgages ballooned to 5.45% last week.

Efforts to keep today's mortgage rates low are continuing to prove fruitless. Uncertainty as to what the Federal Reserve's next steps will be appears to be unnerving investors across the globe. Current mortgage rates are at their highest levels since December, yet 30-year and 15-year FRMs still average nearly a point lower than this time a year ago.

With rising current mortgage rates, the speed of economic recovery is once again in question. Potential home-buyers faced a fourth straight week of rate hikes among 30 and 15-year fixed as well as 1 and 5-year ARMS. Up until them middle of May, the Feds had been successful at keeping a lid on mortgage rates, leading to a spike in applications nationwide.

Mortgage rates are still hovering near history low levels, while in some parts of the country there has been some rise in the mortgage rates as the housing market is showing some very early signs of stabilization. Some banks though, take aggressive marketing means to capitalize on the recovery. HSBC announced the re-introduction of its Rate Matcher Mortgage offering to match or beat existing mortgage rates as low as 2.49%.