Mortgage Rates Continue Up and Down Pattern Mortgage Rates Continue Up and Down Pattern

And this week, they are down.

Mortgage rates, that is. The one week up, two weeks down, two weeks up pattern continues as the markets try to outguess where the Federal Reserve is going with rates, fewer people apply for mortgages, and housing sales in some parts of the country also slide.

This is a holding pattern design to signal the markets not to panic. Aggressive moves in either direction would signal panic. Begin cutting rates and the market would perceive that the you are trying to jumpstart the housing sector again. Raising rates would also be equally problematic. So expect the continued pattern of up/down.

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Bankrate Update Here’s the latest numbers on interest rates for five common consumer products for the week of January 1st - January 7th. This national survey was performed by Bankrate.com on Wednesday, January 4th.

* Mortgages - 6.27% (30 Year Fixed)
* Home Equity Lines - 7.32%
* Auto Loans - 7.90% (48 Month - New Car)
* CD - 3.28% (One Year Yield)
* Credit Card - 12.94% (Standard Fixed)

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30-year fixed rate up at 5.31%; 10-year Treasury down at 4.22% Long-term mortgage interest rates continued rising Friday, and the benchmark 10-year Treasury bond yield fell to 4.22 percent.

The 30-year fixed-rate average rose to 5.31 percent, and the 15-year fixed-rate gained to 4.91 percent. The 1-year adjustable was up at 3.74 percent.

The 30-year Treasury bond yield sank to 4.44 percent.

Rates are current as of 7:15 p.m. Eastern Standard Time.

Mortgage rate figures are according to Bankrate.com, which publishes nightly averages based on its survey of 4,000 banks in 50 states. Points on these mortgages range from zero to 3.5.

In other economic news, the Dow Jones Industrial Average gained 23.41 points, or 0.22 percent, finishing at 10,651.18. The Nasdaq rose 1.14 points, or 0.05 percent, closing at 2,179.74.

Stock and bond figures are current as of 7:30 p.m. Eastern Standard Time.
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