30-yr fixed mortgage rates dipped last week thanks to gains in mortgage-backed securities prices. MBS prices, which drive mortgage rates their opposite, were pushed up by investors seeking the safety of bonds.

The conforming 30-yr fixed rate is at 4.625%, down from 4.75% according to FreeRateUpdate.com research of wholesale lenders' rate sheets. This rate is available to well-qualified borrowers paying a standard .07 to 1 point origination. The conforming 15-yr fixed rate is at 4.125%, down from 4.25.

The conforming 5/1 ARM rate is down to 3.5. FHA mortgage rates have improved as well. The current FHA 30-yr fixed rate is at 4.5%, an 1/8 lower than the conforming 30-year fixed rate. Despite having similar rates and origination fees, FHA loans come with highers cost and APR due to MI, at 2.25% of the amount financed, and other FHA fees.

The current jumbo 30-yr fixed rate, for jumbo loans exceeding the jumbo conforming loan limit, is 5.5%, down from 5.625. It's speculated the jumbo mortgage market will thaw now that the first private sale of jumbo mortgage securities in over 2 years has taken place (Redwood Trust).

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

• 30-yr fixed-rate - 4.625%

• 15-yr fixed-rate - 4.250%

• 5/1 ARM rate - 3.500%

• FHA 30-yr fixed-rate - 4.500%

• FHA 15-yr fixed-rate - 4.500%

• FHA 5/1 ARM rate - 3.500%

• VA 30-yr fixed-rate - 4.750%

• Jumbo 30-yr fixed-rate - 5.500%

• Jumbo Conforming 30-yr fixed-rate - 4.875%

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 18, 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.