Falling mortgage-backed securities prices have pressured conventional fixed mortgage rates, which move in the opposite direction, up this week, to 1/8 above all time record lows.

30 year fixed mortgage rates are at 4% for well-qualified borrowers who pay about 1 point origination. 15 year fixed mortgage rates today are at 3.5%. Early last week 3.875% was available on a conforming 30 year fixed.

FHA loan rates, which are driven by the same MBS prices as conventional mortgage interest rates, also edged up off record lows. Today's 30 year fixed fha mortgage rate is also 4%; however, MI and FHA fees make closing costs higher on an FHA loan, even at the same note rate and origination.

Jumbo mortgage rates today are cemented at 4.875%, 30 years fixed.

FreeRateUpdate.com researches over 2 dozen wholesale and direct lenders' rate sheets to determine the most accurate mortgage rates available to well-qualified borrowers who pay a standard origination fee of .07 to 1 point.

In California, some lenders are still offering 30 year fixed California mortgage rates under 4%, but now with multiple points paid at closing.

Published: November 3, 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.