Conventional 30-year fixed mortgages remain available at 4.375% for well-qualified consumers paying a standard origination fee of about 1 point. 15-year fixed mortgages remain available at 3.875%.
It's not just conforming mortgage rates that are low, FHA mortgage rates continue to mirror those of conforming mortgages. Today's 30-year fixed FHA loan rate is also 4.375%. Despite FHA loans being available at the same note rate as a conforming mortgage, APR is higher because of MI and other FHA fees. Still FHA loans have been most popular among home-buyers with an attractive minimum down-payment of just 3.5%
30-year fixed jumbo loans are available today at 5.375%.
FreeRateUpdate.com researches over 2 dozen wholesale lenders' rate sheets for brokers on a daily basis to determine the most accurate rates available to well-qualified borrowers at a standard origination fee of .07 to 1 point.
Wells Fargo, the #1 volume originator of new mortgages, is advertising on their website today a 30-year fixed-rate of 4.75% with an APR of 4.939. Wells Fargo mortgage rates are unchanged this week.
Mortgage-backed securities prices, which drive mortgage rates in the opposite direction, have benefited from the recent drop in stocks. As investors wary of the volatile stock market flee to the safety of bonds, MBS prices typically go up, pushing mortgage rates down.
Today's Mortgage Rates - Available today at a standard origination fee of 1 pt to well-qualified borrowers:
- 30-yr fixed-rate - 4.375%
- 15-yr fixed-rate - 3.875%
- 5/1 ARM rate - 3.500%
- FHA 30-yr fixed-rate - 4.375%
- FHA 15-yr fixed-rate - 4.000%
- FHA 5/1 ARM rate - 3.500%
- VA 30-yr fixed-rate - 4.500%
- Jumbo 30-yr fixed-rate - 5.375%
- Jumbo Conforming 30-yr fixed-rate - 4.625%
Conventional = Standard, Conforming, Freddie Mac / Fannie Mae insured
Published: June 16, 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. |
