Mortgage-backed securities prices, which drive mortgage interest rates in the opposite direction, improved this week significantly on Monday and Tuesday, helping mortgage rates inch back down to record lows.
Current 30-year fixed mortgage rates are at 4% for well-qualified consumers with a 20% down payment who pay a standard .07 to 1 point origination. Today’s 15-year fixed mortgage rate is 3.625%. Both fixed mortgage rates today match all time record lows and have been verified available by FreeRateUpdate.com who researches over two dozen wholesale lenders’ rate sheets daily.
FHA mortgage rates continue to be available at similar interest rates to conforming mortgages; however, FHA fees and MI raise closing costs, making the APR on an FHA loan higher than that of a conforming mortgage at the same note rate and origination fee.
Jumbo mortgage rates are unchanged this week. Today’s jumbo 30-year fixed loan rate is at a near record low 5.125%.
Wells Fargo, the nation’s number one retail mortgage lender by volume, originating even more loans than Bank of America, is advertising on their website a conventional 30-year fixed mortgage at an interest rate of 4.5% with an APR of 4.686. Wells Fargo’s advertised 30-year fixed rate is up slightly from a week ago.
Today's Mortgage Rates - Available to well-qualified consumers at a standard .07 to 1 point origination:
Conventional:
30-year fixed: 4%
15-year fixed: 3.625%
5/1 ARM: 3.25%
FHA:
30-year fixed: 4%
15-year fixed: 3.75%
5/1 ARM: 3%
Jumbo:
30-year fixed: 5.125%
15-year fixed: 4.625%
5/1 ARM: 4.25%