Mortgage Rates Up a Bit After Sinking to 4.75%

Friday afternoon fixed mortgage rates sank under 5%. The 30 year fixed dropped to 4.75%. A 5/1 ARM was available at 3.75% with an APR of 3.85%.

Today's stock market rally and combined with the US dollar reaching a 2009 low point drove investors out of bonds and into stocks. When investors flee bonds for stocks bond prices drop driving yields and mortgage rates up.

While many lenders have not yet adjusted their rate sheets today's yield spike is expected to take 30 year fixed mortgage back up to 5%.