September 27, 2010 – Current 30-year fixed mortgage rates, at 4% today for well-qualified borrowers who pay a standard origination fee of .07 to 1 point, could improve and dip below 4%, to 3.875%, for the first time ever.
Current mortgage rates are on the verge of improving thanks to gains in mortgage-backed securities prices today, up +12/32 (FNMA 30-yr 4.0 at 102.31) as of 1:06 PST, fueled by strong demand at bond auctions and a 50 point drop in the Dow.
15-year fixed mortgage rates are also unchanged today, but may improve. Current 15-year fixed mortgage rates are at 3.5%.
FreeRateUpdate.com surveys over 20 wholesale lenders’ rate sheets daily to determine the current mortgage rates available to the most qualified borrowers at a standard origination fee.
FHA loan rates, which tend to move with conforming mortgage interest rates, are steady. Today’s 30-year fixed FHA loan rate is 4%, the same as today’s conforming 30-year fixed rate; however, MI and other FHA fees make APR (closing fees) higher, even at the same note rate and origination. For instance, today Wells Fargo’s advertised conforming 30-year fixed-rate is 4.375%, with an APR of 4.559%. In contrast, Wells Fargo’s 30-year fixed FHA loan rate APR is 5.233%, at a similar note rate of 4.5%.
Jumbo mortgage rates are down from recent weeks. Today’s 30-year fixed jumbo loan rate, for true jumbo mortgages, outside of the jumbo conforming spectrum , is 4.875%.
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