The 30 year fixed mortgage rate dropped to 5.59% according to Bankrate.
http://www.marketwatch.com/story/30-year-fixed-mortgages-fall-to-559-bankrate-200979735110
30 Year Fixed Mortgage Rate at 5.59%
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Category Archives: Rates
Mortgage Rates Up as Treasury Yields Increase
With treasury yields increasing, the refinancing boom is not going to happen. Home prices continue to fall, and expected to level off in 2010.
When prices are dropping, few people are willing to spend $1.00 and end up with $0.90 in a few months.
Mortgage Rates at 5%, Not Jumbos
Mortgage rates have improved to the low 5% range to help jump start the refinancing and housing markets. However, jumbo loans are 2% higher because of the higher risk. Underwriters are fearful of approving jumbo loans at the risk of losing their jobs.