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Thursday, December 23, 2010

Mortgage rates edge down after 5 weeks of gains

Today  the yield on the 10 year Note increased and Portugal credit was downgraded , so I don't you'll see another decrease next week.

Freddie Mac said Thursday the average rate on a 30-year fixed mortgage slipped to 4.81 percent from 4.83 percent in the previous week. Last month, the rate reached a 40-year low of 4.17 percent, but has since been edging higher.
The average rate on the 15-year loan, a popular refinance option, also fell to 4.15 percent from 4.17 percent. It hit 3.57 percent in November, the lowest level on records starting in 1991.
Rates had been rising since early November as investors shifted money out of Treasurys and into stocks on expectations that the recent tax-cut plan will boost economic growth and potentially increase inflation. The sell-off comes even as the Federal Reserve buys up $600 billion in bonds to try to lower interest rates
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