Mortgage Rates Jump on Market Rally

By:: Bill Rice - MortgageLoan.com

Mortgage rates were the casualty of yesterday's stock market rally, up 0.8 percent. The 30 year fixed rate mortgage now hovers around 6.5 percent. Short-term indicators point to continued upward pressure on mortgage rates. Yield spreads between mortgage bonds and other debt issuance wided as the US government continues to remove risk on higher yielding debt with guarantees on bank bonds and commercial paper. The FOMC wraps up their 2 day meeting and are expected to again slash the Fed funds rate another 0.5 percent dropping it to 1 percent.

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National Rates

Loan Type	Today	+/-
30 yr fixed	3.80
15 yr fixed	3.10
5/1 ARM	2.73

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