Current mortgage rates are mixed this week over last, both conventional 30 year mortgage rates and 15 year conventional mortgage rates are lower. Fixed jumbo mortgage rates are higher.

The Federal Open Market Committee (FOMC) met last week and decided to keep the federal funds rate in a target range of zero percent to 1/4 percent because there is still "substantial resource slack in the system" which should keep inflation down for now even though the economy expanded by 3.5% in the third quarter of 2009.

Looking for today's mortgage rates? The best mortgage interest rates can be found in your state by using our mortgage rate tables: Current Mortgage Rates

The Feds has been providing support to mortgage lending and the housing market by purchasing a total of $1.25 trillion of agency mortgage-backed securities This program has kept mortgage rates low. The FOMC also said last week that it will slow down the pace of buying mortgage securities and will complete their purchases sometime in the first quarter of 2010.

With the recession over and the program of buying mortgage backed securities ending in Q1 2010 mortgage rates will probably rise sometime in 2010. More than likely, mortgage rates will start heading higher in the first quarter of 2010. Depending on how strong the economic recovery is and how concerned the FOMC is worried about inflation. Its quite possible mortgage interest rates will head higher rather quickly. So now is a good time to refinance your mortgage.

Passed into law last week was the extension of The First Time Home-Buyers Tax Credit. The $8,000 tax credit was going to end this month but was extended to April 30, 2009. The credit was expanded to include a $6,500 credit for anyone who bought a home as long as you were in your current home at least five years. Read more here: Current Mortgage Rates November 9, 2009

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