Conventional 30-year fixed mortgages are available at 4.75% today for well-qualified consumers paying a standard .07 to 1 point, says rate research website FreeRateUpdate.com .
Today's 15-yr fixed rate is 4.125%, and the 5/1 ARM rate 3.625.
FHA mortgage rates continue to mirror those of conventional loans. While FHA loans do offer similar rates, the closing cost associated with those rates is significantly higher. That cost is set increase when MI, a premium charged at closing to borrowers obtaining FHA financing, is boosted from 1.75 to 2.25% of the amount borrowed on April, 05.
30-year fixed jumbo loans are available at 5.625% with slightly better rates (5.5) for borrowers with an extremely low LTV. Mortgage-backed securities prices, which drive mortgage rates in the opposite direction, have been flat in the month of March. As a result, mortgage rates have been stable, unchanged since dipping slightly at the end of February.
Just one week now until the much anticipated end of government MBS purchasing. The Fed says ideally the end of buying, set for March 31st, will cause only a slight rise in mortgage rates.
Current Mortgage Rates
- 30-yr fixed rate - 4.750%
- 15-yr fixed rate - 4.125%
- 5/1 ARM rate - 3.625%
- FHA 30-yr fixed rate - 4.750%
- FHA 15-yr fixed rate - 4.500%
- FHA 5/1 ARM rate - 3.625%
- VA 30-yr fixed rate - 4.875%
- Jumbo 30-yr fixed rate - 5.625%
- Jumbo Conforming 30-yr fixed rate - 4.875%
Source: FreeRateUpdate.com All rates mentioned in this article are available to well-qualified consumers paying a standard .07 to 1 point origination as verified by FreeRateUpdate.com. FreeRateUpdate.com researches over two dozen wholesale lenders' rate sheets daily.