The average for 30 year fixed mortgage rates has dropped drastically as we have seen the 10 year treasury rate yield down in the last 30 minutes. Interest rates will likely drop to a new 2010 low as the 10 year yield is now below its 200 day moving average and is looking to find support.


For the entire year of 2010 we have seen 30 year fixed mortgage rates between 4.75% and 5.15%. The bottom part of this range will likely be tested today as mortgage interest rates are set to drop. The 30 year fixed mortgage rate and the 10 year treasury rate yield have had a very strong correlation since 1971 and that is likely to remain true in 2010.

If you have been considering refinancing your current home loan now would be one of the best times in recent history. With new 2010 lows available for well-qualified and borrowers it will come as no surprise to see many Americans streaming into banks and financial institutions looking to lock in to a low mortgage interest rate in the very near future.

Author: Alan Lake