Current Mortgage Rates - October 12, 2009
Current Mortgage Rates - October 12, 2009
Mortgage rates are lower this week compared to last week but conforming 30 year mortgage rates are back above 5.00%. Despite the Federal Reserve's announcement that it was going to gradually slow down the pace of buying mortgage-backed securities, mortgage rates have been slowly drifting down the past several weeks.
Under the original program to help the housing market by lowering mortgage rates, the Fed announced it will buy $1.25 trillion in mortgage-backed securities. The Fed expects to complete the final purchases sometime in the first quarter of 2010. Mortgage rates are expected to go up once the Fed stops buying these securities.
Mortgage Rates Current
The average mortgage rate for a 30 year conforming mortgage is at 5.01% this week, down from last week's average rate of 5.02%. For most of last week, 30 year rates were just under 5.00% in the 4.95 percent range.
15 year mortgage interest rates were also lower this week, back under 4.50%. Current rates are at 4.46%, down from the previous week's rate of 4.50%. In mid-June of 2009, average 15 year mortgage rates were over 5.00 percent at 5.20 percent.
Read more here:
http://activerain.com/blogsview/1280742/current-mortgage-rates-october-12-2009
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