Fixed mortgage interest rates held at record low levels this week. 30-year fixed mortgage rates sustained 4% for well-qualified consumers who pay one point origination, and 15-year fixed rates held at 3.5%, shows FreeRateUpdate.com research of over 2 dozen wholesale and direct lenders' rate sheets.
FHA mortgage rates continued to hold at record low levels as well. Today's 30-year fixed FHA loan rate is the same as today's conforming fixed rate, 4%; however, MI and other FHA fees make closing costs higher than that of a conforming mortgage at the same note rate and origination. Today's FHA 5/1 ARM rate is below 3%, at 2.875.
Jumbo loan rates are down from recent weeks. Today's 30-year fixed jumbo mortgage rate is 4.875 and today's jumbo 5/1 ARM rate is 4% flat.
Mortgage-backed securities prices, which drive mortgage rates in the opposite direction, continue to waiver on mixed economic data. This week, MBS prices are up in consecutive days to start the week (Mon and Tues) making it possible for mortgage rates to improve.
Today's Mortgage Rates: Available to well-qualified consumers at about 1 point origination:
Conforming
30-year fixed-rate: 4%
15-year fixed-rate: 3.5%
5/1 ARM rate: 3%
FHA
30-year fixed-rate: 4%
15-year fixed-rate: 3.625%
5/1 ARM rate: 2.875%
Jumbo
30-year fixed-rate: 4.875%
5/1 ARM rate: 4%
Published: October 6, 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. |
