FreeRateUpdate.com research of wholesale lenders' rate sheets for brokers shows the current conforming 30-year fixed rate, available to well-qualified consumers paying a standard .07 to 1 point origination, is 4.875%. The current conforming 15-year fixed rate is 4.25%, and the current 5/1 ARM rate is 3.625%. 

The current FHA 30-year fixed rate remains slightly better than the conforming rate and is at 4.75%. Despite the lower rate, and the same origination fee, the APR (closing costs) on an FHA loan is much higher because of MI, at 2.25% of the amount financed, and other FHA fees charged at closing. Without the home-buyer tax credit, many borrowers will have to pay more of these costs out of their own pocket.

The current jumbo 30-year fixed rate, as has been the case for most of 2010, is steady, unchanged at 5.625%.  Mortgage Market Update

Since the end of the Fed's mortgage-backed securities purchasing program on Mar. 31st rates have surprisingly declined. In recent days, the Greece debt situation has helped mortgage interest rates as investors move to safer bets, bonds. Rates across the board are just above 2010 lows, and all time lows. Home sales picked up substantially in March and it's likely April data will reveal a large number of buyers who moved beat the home-buyer tax-credit deadline of Apr. 30th. The first sale of mortgage securities on the private market took place and analysts believe that could loosen up the jumbo mortgage market, and in turn help the higher end home market which has suffered. Rates for the most part have been steady as MBS prices waver, remaining quite flat week to week.

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

• 30-yr fixed-rate - 4.875%

• 15-yr fixed-rate - 4.250%

• 5/1 ARM rate - 3.625%

• FHA 30-yr fixed-rate - 4.750%

• FHA 15-yr fixed-rate - 4.50%

• 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 - 5.125%

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: May 4, 2010

Use of this article without permission is a violation of federal copyright laws.

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.