Will Mortgage rates will get higher before November 30th.?
I'm not sure what Mortgage rates are based on but a lot of companies are really busy with this November 30th 1st time home buyers tax credit deadline. I'm asking because Im closing on a house November 30th and I haven't locked in on a rate. Just wondering about any opinions. Also does anyone know how much title will be on a new construction in the state of Tennessee. The property price is 168,000. thanks in advance
Back with more news for you today. It’s amazing how much good information there is on this stuff out there if you know where to look. Three in particular that I found really valuable were…
AIG Bank Current Mortgage Rates
AIG Bank is advertising some of the best mortgage rates available today. The current advertised rate for a 30 year mortgage is 4.625 percent, which is lower … Read More…
Chances are efforts like the stimulus bill, foreclosure preventions, lowering mortgage rates, the tax credit and other actions will keep the housing market … Read More…
What's Next for Mortgage Rates?
These purchases have undoubtedly provided much needed liquidity to the MBS market and helped keep the long-term mortgage rates at historic lows. … Read More…
That’s all the news for today guys, so until next time, thanks for stopping by.
Bank of America mortgage rates have been in a tight range between 5% and 5.5% for almost two months now. Every time we see average mortgage rates drop to near 5% there is a strong increase in the 10 year treasury yield which sends rates much higher. As soon as mortgage interest rates get close to 5.5% the Federal Reserve Bank makes it a point to announce that they are going to do whatever it takes to keep rates near historic lows.
After the Fed speeches, rates drop all the way back down to 5% until we repeat the process. This has been happening since the beginning of July and it looks like it is going to stay that way until the end of September 2009. At the end of September 2009 the Federal Reserve Bank plans to stop buying US Treasuries altogether. For the last eight months, the Fed has been buying up treasuries to help push interest rates lower. Now that they are stopping this, it will be very interesting to see how treasury yields react.
If treasury yields react the way that most people think, we are going to see a strong run up in the 10 year treasury rate yield which will bring mortgage rates right along with it. The 10 year yield was in a strong up trend for much of 2009 but it seems to be waning lately which has been one of the main reasons that the 30 year fixed rate mortgage has stayed relatively low. That might not be the case for much longer.
Subprime Blogger offers information on Bank of America mortgage rates. There is also a great deal of information on getting a no credit mortgage.
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