30-year fixed mortgage rates are unchanged this week and at 4.25 percent for well-qualified borrowers paying 1 point origination. 15-year fixed mortgage rates, also unchanged, are at 3.75 percent. Both rates were verified by FreeRateUpdate.com research of wholesale lenders' rate sheets and are all-time record lows.

30-year fixed FHA loan rates are at 4.25 percent as well. Though the same note rate is available for FHA 30-year fixed financing as if for a 30-year fixed conventional mortgage, APR and closing fees are higher on an FHA loan because of MI and other FHA fees. FHA continues to offer a minimum down-payment of just 3.5 percent making FHA loans extremely continually popular among home-buyers.

The jumbo 30-year fixed rate is steady at 5.25 percent, also record low.

Wells Fargo's advertised conventional 30-year fixed rate is unchanged this week and at 4.625 percent with an APR of 4.812 percent according to their website.

Mortgage-backed securities prices, which drive mortgage rates in the opposite direction, continue to do well amidst uncertainty for investors and consumers alike about the global economy.

Published: July 15, 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.