Mortgage Rates April 10th, 2008
The mortgage rate market was stalled most of the morning awaiting Ben Bernanke speaking this afternoon. We’ll wait to see what kind of effect Ben Bernanke the Fed Chairman has on interest rates. He speaks shortly at 1:00 pm eastern standard time.
About an hour ago mortgage bonds worsened by around 25 basis points which could lead some lenders to increase their rates by .125%. This could just be preparation for Bernanke’s speech, the mortgage bond traders are building in a little bit of a cushion ‘just in cast’
Current Mortgage Rates for April 10th, 2008
5.75% Average for Conventional 30 Year Fixed
5.75% Average for FHA 30 Year Fixed
Remember with the new FNMA guidelines the rate will be around .125% WORSE for anyone below a 720 score. The FHA rates remain the same down to a 580 credit score.