30-yr fixed mortgage rates dipped last week thanks to gains in mortgage-backed securities prices. MBS prices, which drive mortgage rates their opposite, were pushed up by investors seeking the safety of bonds.
The conforming 30-yr fixed rate is at 4.625%, down from 4.75% according to FreeRateUpdate.com research of wholesale lenders' rate sheets. This rate is available to well-qualified borrowers paying a standard .07 to 1 point origination. The conforming 15-yr fixed rate is at 4.125%, down from 4.25.
The conforming 5/1 ARM rate is down to 3.5. FHA mortgage rates have improved as well. The current FHA 30-yr fixed rate is at 4.5%, an 1/8 lower than the conforming 30-year fixed rate. Despite having similar rates and origination fees, FHA loans come with highers cost and APR due to MI, at 2.25% of the amount financed, and other FHA fees.
The current jumbo 30-yr fixed rate, for jumbo loans exceeding the jumbo conforming loan limit, is 5.5%, down from 5.625. It's speculated the jumbo mortgage market will thaw now that the first private sale of jumbo mortgage securities in over 2 years has taken place (Redwood Trust).
Today's Mortgage Rates - available to well-qualified consumers at a standard .07 to 1 point origination.
30-yr fixed-rate - 4.625%
15-yr fixed-rate - 4.250%
5/1 ARM rate - 3.500%
FHA 30-yr fixed-rate - 4.500%
FHA 15-yr fixed-rate - 4.500%
FHA 5/1 ARM rate - 3.500%
VA 30-yr fixed-rate - 4.750%
Jumbo 30-yr fixed-rate - 5.500%
Jumbo Conforming 30-yr fixed-rate - 4.875%
FreeRateUpdate.com researches over 2 dozen wholesale lenders' rate sheets for brokers daily to determine the most accurate rates available to well-qualified borrowers at a standard origination fee of about 1 point. These rates are commonly referred to as "par rates" by loan officers.