Conventional fixed mortgage rates touched a new all time record low Friday. The 30-year fixed mortgage rate available to well-qualified consumers at 1 point origination dropped to 4.375%, from 4.5%. The 15-year fixed-rate also declined, from 4% to 3.875%. Mortgage rates have never been this low.

The decline in mortgage rates stemmed from a big increase in mortgage-backed securities prices Friday. MBS prices, which drive mortgage rates in the opposite direction, gained +21/32 (FNMA 30-yr 4.5 at 102.23) on less than spectacular jobs numbers and more European debt concerns, this time in Hungary. Typically when we see significant declines in stocks as we have lately, mortgage rates improve.

FHA mortgage rates continue to mirror those of conventional mortgages.

Jumbo mortgage rates are also down. Today's 30-year fixed jumbo loan rate for true jumbo loans exceeding conforming "high balance" county loan limits is 5.375%.

These rates are available to well-qualified consumers paying a standard .07 to 1 point origination as verified by FreeRateUpdate.com research of wholesale lenders' rate sheets.

Wells Fargo, the number one originator of residential mortgages in the US, is advertising a 30-year fixed-rate of 4.875% with an APR of 5.065% (source: Wells Fargo website).

Today's Mortgage Rates - available to well-qualified consumers paying a standard .07 to 1 point origination.

30-yr fixed-rate - 4.375%

15-yr fixed-rate - 4.000%

/1 ARM rate - 3.500%

FHA 30-yr fixed-rate - 4.375%

FHA 15-yr fixed-rate - 3.875%

FHA 5/1 ARM rate - 3.500%

VA 30-yr fixed-rate - 4.625%

Jumbo 30-yr fixed-rate - 5.375%

Jumbo Conforming 30-yr fixed-rate - 4.625%

FreeRateUpdate.com researches over 2 dozen wholesale lenders' rate sheets for brokers daily to determine the most accurate rates available to well-qualified borrowers at a standard origination fee of about 1 point. These rates are commonly referred to as "par rates" by loan officers.

Published: June 8, 2010

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Edward James Ferrara III spent 8 years (2001-2008) brokering and banking home loans in Orange County, CA to the tune of some 500 million dollars in mortgages funded by May of 2008, when he founded the rate research website FreeRateUpdate.com. Ed is not only the founder of FreeRateUpdate.com, he is also a lead contributor to the site, whose roster includes over a dozen writers and of which receives over 50,000 page views per month. Ed's passion for helping consumers to avoid falling victim to banks dishing out higher rates for bigger profits has helped FreeRateUpdate.com to become a unique authority on mortgage rates. Ed recently married Cheyne Aki Gantt and became a first time father to Edward James Ferrara IV, born August 31st 2009. Ed and FreeRateUpdate.com have recently been cited in numerous media outlets including the Los Angeles Times, Yahoo Finance, and Marketwatch.