January 16th, 2010 
admin 
The average for 30 year fixed mortgage rates has been quite stable for the month of January but that might change in the near future. Citigroup conventional mortgage rates have been quoted at 4.85% today but this is in very light volume as today is a holiday. The stock market and treasury markets are closed so you can expect volume for mortgage rate quotes to be extremely light. We will not see strong movements until tomorrow when the market opens.
In the month of December 30 year fixed mortgage rates had a range of 4.49% to 5.35%. Since the opening of the year the 30 year fixed was between 4.9% and 5% for the entire month until the end of last week. Now that mortgage rates have broken below 4.9% it will be interesting to see if the volatility picks up which is very likely. If volatility picks up you can expect the range to greatly be augmented going into February.
Citigroup and other greater mortgage lenders have done a strong job of promoting their home loans divisions. When doing any searches for mortgage rates or watching any news network you will see many mortgage lenders that are painful to help you lock into a lower mortgage interest rate. It would be a good idea to take advantage of this opportunity before mortgage interest rates start to move higher.
Many analysts and CEOs have predicted that mortgage interest rates are likey to move higher in the very near future. The Boston Fed President feels that interest rates are likely to move higher in the spring as the Federal Reserve Bank plans to stop purchasing mortgage backed securities at the end of March 2010. With this being the event there is a good chance that we could see mortgage rates move up one full percentage point.
If mortgage rates do move higher it will be much inferior attractive to refinance any pledge. At the present time many home owners could greatly catch by refinancing under 5%. It is important to note that to get a refinance rate around 5% you will need to have a solid good reputation score and a significant amount of equity in your home. If you do not have these two requirements you are going to find it difficult to get a low refinance rate.
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Tags: Fixed Mortgage Rates, Mortgage Rates, Rates