Mortgage rates drop

1/5/2006

At close, Treasuries were basically unchanged on the session and mortgage rates, which are based on Treasury yields, were able to hold at lower levels or even edge downward.

At 4 p.m. EST, AVERAGE mortgage rates (zero discount points) based on rates collected nationwide were:

The 30-year conventional fixed-rate mortgage was at 5.915 percent from 5.957 percent on Tuesday. The 15-year conventional fixed-rate mortgage was at 5.451 percent versus 5.519 percent on Tuesday.

With Treasury yields ending flat on Thursday's session, overnight and into tomorrow mortgage rates should remain close to present levels.

Rate Hikes Ending?

1/3/2006

The late-session release of the Fed minutes had little effect on mortgage rates, which held near previous levels.

At 4 p.m. EST, AVERAGE mortgage rates (zero discount points) based on rates collected nationwide were:

The 30-year Conventional Fixed-Rate Mortgage was at 5.964 percent from 5.948 percent on Friday.

The 15-year Conventional Fixed-Rate Mortgage was at 5.527 percent versus 5.539 percent on Friday.

If the markets continue to rally on the news that the Fed will be ending its rate-hike program sooner rather than later, Treasury yields could continue to edge down and some mortgage rates, which are based on these yields, might follow.