Mortgage Rates – Current Direction of Interest Rates
Current mortgage rates have been hovering around the 5.00 percent to 5.50 percent range, although trends are showing the direction of interest rates is probably up since we care coming out of the economic recession.
Mortgage rates will probably head above the current range because 10-year U.S. Treasury prices have been heading up towards 4.00 percent, that will drive 30-year fixed mortgage rates higher. Maybe towards the 6.00 percent to 7.00 percent range.
U.S Treasury rates were up considerably this past week which drove mortgage rates higher. Mortgage rates have gone up from the 5.00 percent range to 5.50 percent
this week. Mortgage loan rates have been driven higher by the increase in Treasury prices, from around 3.50 percent towards the 4.00 percent range.
Let’s see if mortgage rates and 10-year Treasury prices increase next week or decrease, the unemployment numbers weren’t as bad as expected so interest rates might be headed higher. The way mortgage rates have been headed in one direction one week than another direction the following week, who knows what to expect in the coming week.
If you’re thinking about getting a mortgage or refinancing an existing mortgage I would start right away, eventually these low mortgage rates will disappear!