September 22, 2010 – Current mortgage rates continue to seesaw, this time dipping back down, matching all time record lows.
Current 30-year fixed mortgage rates are at 4% for well-qualified borrowers with a 20% down payment who pay .07 to 1 point origination. Current 15-year fixed mortgage interest rates are at 3.5%. Both conforming fixed mortgage rates are down an 1/8 from yesterday’s levels.
Today’s FHA mortgage rates are slightly improved as well and match conforming mortgage interest rates for the most part. Today’s FHA 30-year fixed loan rate is 4%, the same as today’s conforming 30-year fixed mortgage rate. Closing costs on FHA loans are significantly higher than on conforming mortgages, even at the same note rate and origination, because of mortgage insurance and other Federal Housing Administration fees.
Despite improvements in conforming and FHA mortgage rates today, jumbo mortgage rates remain the same. Today’s 30-year fixed jumbo mortgage rate is 5.125%.
Wells Fargo mortgage rates, advertised on their website, are unchanging. Wells Fargo’s advertised conventional 30-year fixed-rate remains at 4.375% with an APR of 4.559%.
After a big improvement yesterday in mortgage-backed securities prices, which led us to report that mortgage rates could dip (they did this morning), MBS prices are down just a tad this morning -2/32 (FNMA 30-yr 4.0 at 103.00), not enough to move mortgage interest rates.
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