Today's mortgage rates are up quite a big from record lows. In the week Freddie Mac reported an all time record low average 30 year fixed mortgage rate of 4.71%, 30 year fixed rates were as low as 4.5% at par, according to FreeRateUpdate.com. Today's 30 year fixed rate, after 4 straight weeks of deterioration, is at 5.125%. 15 year fixed rates are up too but not near as dramatically. Today's 15 year fixed mortgage rate at par is 4.375%. Today's 5/1 ARM rate at par is 4%.
Morgan Stanley chief economist David Greenlaw said this week he expects 30 year fixed mortgage rates to reach 7.5% in the coming year as the benchmark 10 year treasury yield rises over 40% to 5.5. That's a bleak prediction and not good news for the real estate market that needs everything it can get to get going.
California mortgage rates are currently in line with national averages.