Mortgage-backed securities prices, which drive mortgage interest rates in the opposite direction, continue to perform well even as the economy officially pulls out of the recession. As a result, 30-year fixed mortgage rates remain near all time record lows, at 4.125% for well-qualified consumers with a 20% down payment who pay 1 point origination. 15-year fixed mortgage rates are at 3.625%, an 1/8 off their record low. Both fixed mortgage rates were verified by FreeRateUpdate.com research of over 2 dozen wholesale lenders' rate sheets for brokers.
FHA loan rates continue to match conforming mortgage rates for the most part. Today's 30-year fixed FHA loan rate is 4.125% for well-qualified borrowers, the same as today's conforming 30-year fixed rate; however, MI and other FHA fees make closing costs significantly higher than that of a conforming mortgage at the same note rate and origination.
Jumbo mortgage rates are unchanged and haven't budged in weeks. Today's 30-year fixed jumbo loan rate is 5.125%
Wells Fargo, the nation's number one originator of conventional mortgages today, is advertising a 30-year fixed rate of 4.375%, with an APR of 4.559%, on their website.
Today's Mortgage Rates - Available to well-qualified consumers with a 20% down payment who pay about 1 point origination.
Conforming
- 30-year fixed: 4.125%
- 15-year fixed: 3.625%
- 5/1 ARM: 3.250%
FHA
- 30-year fixed: 4.125%
- 15-year fixed: 3.750%
- 5/1 ARM: 3.000%
Jumbo
Published: September 22, 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. |
