Current mortgage rates rose sharply today, due in large part to the 10-year treasury yield dramatically spiking almost a quarter point. As a result, many lenders have been forced to adjust their pricing on two separate occasions already today. As mortgage rates were down in the mid-to-upper 4% range earlier in the week, many lenders have adjusted their pricing into the 5% range today.
According to Freddie Mac, the average mortgage rate on a 30-year fixed-rate mortgage was 4.87% Monday through Wednesday this week. Accordingly, an increase of 16% in mortgage applications occurred.
If you’ve been considering purchasing a home or refinancing your existing mortgage, now is the time to act before rates deteriorate any further. Even after today’s rate spike, Total Mortgage Services is still able to keep their borrowers at 4.99%, paying no points. That competitive advantage allows Total Mortgage Services to help their loyal customers, as well as new customers, lower their monthly mortgage payments.
With just 51 days left before the $8,000 first-time homebuyer tax credit expires, and with current mortgage rates increasing today, it’s not too late to contact Total Mortgage Services to secure some of the lowest current mortgage rates available nationwide.
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Tweets that mention Current Mortgage Rates on the Rise | Mortgage Rates & Trends: Mortgage Blog from Total Mortgage -- Topsy.com
October 9, 2009 @ 3:41 pm
[...] This post was mentioned on Twitter by Abe Tieh and Adele Hrovat. Adele Hrovat said: Current mortgage rates rose sharply today, spiking almost a quarter point. – http://TwitPWR.com/u0s/ #mortgagerates #mortgages #lasvegas #nv [...]