Even though it has been a busy week for markets, mortgage rates remain in holding pattern and still low enough to be attractive to borrowers. Freerateupdate.com's survey of wholesale and direct lenders show that conforming 30 year fixed mortgage rates are at 4.625%, 15 year fixed mortgage rates are at 3.750% and 5/1 adjustable mortgage rates are at 3.000%, all remaining the same for the past week. Borrowers with good credit and the ability to meet lender guidelines can obtain these low mortgage rates with 0.7 to 1% origination fee. Conforming fixed rate mortgage loans continue to be popular with borrowers because of the security of having monthly mortgage payments that remain the same for the life of the loan.

Also remaining the same this week, FHA 30 year fixed mortgage rates are at 4.375%, FHA 15 year fixed mortgage rates are at 4.000% and FHA adjustable mortgage rates are at 3.750%. Even though some FHA mortgage rates are lower than conforming mortgage rates and may appear to be cheaper mortgages, borrowers must pay higher FHA closing costs (APR) because of various FHA fees and the upfront mortgage insurance premium. On the positive side, FHA offers down payment requirements as low as 3.5%.

For borrowers in need of mortgage financing above the conforming loan limit, which is $417,000 to $729,250 depending on location, jumbo mortgage rates have continued to stay low. Still unchanged, jumbo 30 year fixed mortgage rates are at 5.250%, jumbo 15 year fixed mortgage rates are at 5.000% and jumbo 5/1 adjustable mortgage rates are at 3.625%. Borrowers with excellent credit can obtain these jumbo mortgage rates with 0.7 to 1% origination fee.

Mortgage backed securities prices (MBS) have a direct affect on mortgage rates which move in the opposite direction. This past week, economic data was filled with both positive and negative reports. Increases in the Empire State index, import prices, consumer price index and a decrease in the unemployment rate were all positive results pointing to a steady economic recovery. On the other hand, home construction and existing home sales both were down last month indicating a housing market that is still struggling. MBS prices moved both up and down, but never enough to make an impact on mortgage rates. Overall, markets were reacting to the crisis in Japan and the Middle East.

FreeRateUpdate.com surveys more than two dozen wholesale and direct lenders' rate sheets to determine the most accurate mortgage rates available to well qualified consumers at a standard .07 to 1% point origination.

Published: March 23, 2011

Use of this article without permission is a violation of federal copyright laws.

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.