What Are Mortgage Interest Rates Up to This Week?

You may have noticed that the stock market has been rallying lately. This is great news for investors that have money in the market. What does the uptick of the market do to mortgage interest rates? Is a rally in the market a sign that it's time to obtain mortgage financing or do a refinance?

Well, a day or so of an up market does not send a signal that it's time to do anything one way or the other. What goes up, most of the time comes back down. What the change in the market did do though was it caused the price of mortgage backed securities to fall, which in turn causes mortgage interest rates to increase. Yesterday, the up market translated into an increase in mortgage rates by approximately .375 percent, sending the average 4.875% mortgage rate to 5.25%.

To get an idea where current mortgage rates are, check out the new widget in the right sidebar.