This past week, mortgage rates have been clinging to their lowest levels of 2011 with little to no movement happening. Freerateupdate.com's daily survey of wholesale and direct lenders show that, with the exception of jumbo 30 year fixed mortgage rates which decreased by .125%, all other mortgage rates continue to remain steady. Conforming 30 year fixed mortgage rates are at 4.375%, 15 year fixed mortgage rates are at 3.750% and 5/1 adjustable mortgage rates are at 3.000%. Available with 0.7 to 1% origination fee, these are the lowest conforming mortgage rates that can be obtained by borrowers who have maintained good credit and can produce the required documentation to receive lender approval.
FHA mortgage loans continue to be popular with borrowers who have less than perfect credit and little available cash for a normal down payment. With an FHA mortgage down payment requirement as low as 3.5%, borrowers don't mind paying higher FHA closing costs (APR) due to the upfront mortgage insurance premium and other various FHA fees. Current FHA 30 year fixed mortgage rates are at 4.250%, FHA 15 year fixed mortgage rates are at 4.000% and FHA 5/1 adjustable mortgage rates are at 3.375%.
Jumbo 30 year fixed mortgage rates are at 5.000%, down .125% from last week. Jumbo 15 year fixed mortgage rates are at 4.500% and jumbo 5/1 adjustable mortgage rates are at 3.625%. Well qualified high end borrowers in need of mortgage financing above the conforming loan limit, which is $417,000 to $729,750 depending on location, can obtain these low jumbo mortgage rates with 0.7 to 1% origination point.
Mortgage backed securities (MBS) prices have been moving very little in either direction which is keeping mortgage rates steady. Mortgage rates move in the opposite direction of MBS prices. Although unemployment claims decreased, reported existing home sales dropped in April leaving investors cautious. Current concerns over European debt has investors keeping a watchful eye for a weakening in any recovery.
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 fee.
New York Mortgage Rates
Published: May 25, 2011
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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. |
