Mortgage Informer

Current mortgage rates are finally at about the same level as a year ago. All year we’ve been able to say, no matter where mortgage rates have been, that rates are well below levels of a year ago. Finally, we’ll have to stop saying this as 1 year ago 30 year fixed mortgage rates averaged 5.12%. Today’s mortgage rates average 4.99%, according to Freddie Mac. Reality is 30 year fixed mortgage are available much lower than that. Par rates are the lowest available mortgage rates that do not require additional points and fees known as a buy down to be paid. 30 year fixed mortgage rates at par are as low as 4.75% today, their lowest level in weeks but still up from all time record lows of a few months ago.

Current Mortgage Rates – Other Notes

Mortgage rates have been improving as the outlook on the economy seemingly gets worse. Data has suggested recovery in most sectors. Obama’s plan of bank regulation sent the stock market tumbling, driving investors to bonds and pushing mortgage rates down. The benchmark 10 year treasury yield has been tanking. The yield is often used to forecast mortgage rates. The Fed plans to discontinue their purchasing of mortgage-backed securities in March. It’s expected once this happens mortgage rates will rise quickly with less demand sending prices of MBS, which drive mortgage rates in the opposite direction, down.

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• Bank of America Refinance Mortgage Rates – Home Loans at 4.95%

Tags: Mortgage Rates