The average 30 year fixed rate mortgage dipped below 4% to 3.98%. If you have been reading the blog for a while you will recall the 10 year Treasury as a benchmark for where the 30 year fixed rate mortgage might go. They are not directly tied to each other, but it is a good barometer to watch to predict if rates might go up or down. Below is the Average 30 Year Fixed Rate mortgage updated 11/23/2011 and the 10 Year Treasury updated 11/21/2011. I am not a mortgage banker or an economist, I just like to watch this kind of stuff. Based on the chart below, do you think the 30 year fixed rate mortgage will trend further down or nudge back up? It’s kind of hard to predict the future huh?
If we take a look at the what the 10 Year Treasury has done since 11/21/2011 – it is given the indication of downward trend. I marked the date when Operation Twist was announced on the chart, it is interactive so you can select specific ranges. Again, it is not a crystal ball but it is a good barometer.
[wikichart align=”right” ticker=”TNX” showannotations=”true” livequote=”true” rollingdate=”3 months” width=”300″ height=”245″]
Below is the Rates from Edina Realty Mortgage. They haven’t quite followed the national average for 30 year fixed rate mortgages today, but they are really close.
Today’s Mortgage Rates
The current interest rates shown below are based on a purchase of a single-family, primary residence. For current refinance rates, contact us
as of 11/23/2011 09:15 AM Central
Product Interest Rate APR Conforming1 and FHA1 Loans 30-Year Fixed 4.000% 4.181% 30-Year Fixed FHA 3.750% 4.550% 15-Year Fixed 3.250% 3.566% 7-Year ARM 2.875% 3.248% 5-Year ARM FHA 2.750% 2.908% Jumbo1 Loans – Amounts that exceed conforming loan limits1 30-Year Fixed 4.250% 4.392%
- MBA: Mortgage Purchase Application Index increased (calculatedriskblog.com)
- Mortgage rates edge down, ARMs reach new lows (housingwire.com)
- Mortgage Rates update (craigkamman.com)