Mortgage-backed securities prices, which drive mortgage interest rates in the opposite direction, improved this week significantly on Monday and Tuesday, helping mortgage rates inch back down to record lows.
Current 30-year fixed mortgage rates are at 4% for well-qualified consumers with a 20% down payment who pay a standard .07 to 1 point origination. Today’s 15-year fixed mortgage rate is 3.625%. Both fixed mortgage rates today match all time record lows and have been verified available by FreeRateUpdate.com who researches over two dozen wholesale lenders’ rate sheets daily.
FHA mortgage rates continue to be available at similar interest rates to conforming mortgages; however, FHA fees and MI raise closing costs, making the APR on an FHA loan higher than that of a conforming mortgage at the same note rate and origination fee.
Jumbo mortgage rates are unchanged this week. Today’s jumbo 30-year fixed loan rate is at a near record low 5.125%.
Wells Fargo, the nation’s number one retail mortgage lender by volume, originating even more loans than Bank of America, is advertising on their website a conventional 30-year fixed mortgage at an interest rate of 4.5% with an APR of 4.686. Wells Fargo’s advertised 30-year fixed rate is up slightly from a week ago.
Today's Mortgage Rates - Available to well-qualified consumers at a standard .07 to 1 point origination:
Conventional:
- 30-year fixed: 4%
- 15-year fixed: 3.625%
- 5/1 ARM: 3.25%
FHA:
- 30-year fixed: 4%
- 15-year fixed: 3.75%
- 5/1 ARM: 3%
Jumbo:
- 30-year fixed: 5.125%
- 15-year fixed: 4.625%
- 5/1 ARM: 4.25%
Published: September 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. |
