September 16, 2010 – As fast as mortgage rates dipped back down to record lows, fixed mortgage rates today rose back up an 1/8. A weaker then expected Philly Fed today wasn’t enough to boost mortgage-backed securities prices, which drive mortgage rates in the opposite direction. MBS prices are down today -5/32, making it two consecutive days of losses. As a result, mortgage rates are at risk of rising further.
Fixed 30 and 15 year mortgage rates today are up 1/8, the 30-year fixed rate from 4% to 4.125%, and the 15-year fixed rate from 3.5% to 3.625%. Both rates are up off all time record lows.
FHA mortgage rates, which tend to move with conforming mortgage interest rates, are also up slightly today and mirror conforming mortgage rates today with the exception being the FHA 5/1 ARM, which is lower than the conforming 5/1 ARM and at 3% flat. Despite similar mortgage rates being available on FHA mortgages, MI and FHA fees make closing costs higher even at the same note rate and origination as a conventional mortgage.
Jumbo mortgage rates, which are not driven by the same bonds as conventional and FHA fixed mortgage rates, are unchanged. Today’s jumbo 30-year fixed mortgage rate is 5.125%
FreeRateUpdate.com researches over 2 dozen wholesale lenders’ rate sheets for brokers daily to determine the most accurate mortgage rates available to well-qualified consumers paying a standard .07 to 1 point origination.
Wells Fargo mortgage rates are still lower today then they were most of last week. Today’s 30 year fixed Wells Fargo mortgage rate is 4.375%, with an APR of 4.559%, as advertised on the Wells Fargo website.
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