Current mortgage rates are higher says the Mortgage Bankers Associations’ Weekly Mortgage Applications Survey but don’t expect the trend to continue. A slew of companies reported lower than expected earning and the markets tanked today. The debt ceiling impass and the budget talks are also sending markets lower. 10 year bond yields have been heading lower as well which will send mortgage rates current lower.  

Today’s mortgage rates on 30 year home loans are averaging 4.57% with 1.14 mortgage points. This mortgage rate currently is higher from the priro week’s average of 4.54% with .98 mortgage points.

15 year Current mortgage rates are higher averaging 3.67 with 1.08 mortgage points. 15 year mortgage rates currently are also higher from the previous week’s average 15 year mortgage rate of 3.66% with 0.97 mortgage points.

Mortgage rates have been near record lows for 2011 and just above all-time lows. Earlier this year everyone thought mortgage rates would go higher when the Fed completed QE2 but that didn’t happen.

Now the belief was mortgage rates would go higher in the second half of 2011 because the economy was picking up steam. That thought is now in doubt so current mortgage rates will stay near the levels they are at for the rest of 2011.