Mortgage Rates 9/8: Current Mortgage Rates Could Dip Again

By: Ed Ferrara | September 8, 2010 at 9:46 am

September 08, 2010  – Current mortgage rates could dip again following a significant increase in mortgage-backed securities prices yesterday +16/32 (FNMA 30-yr 4.0 at 103.09). MBS prices drive mortgage interest rates in the opposite direction. If mortgage rates do dip, 30-year fixed mortgage rates will be below 4% for the first time ever.

Current 30-year fixed mortgage rates are at 4% for well-qualified consumers with a 20% down-payment who pay 1 point origination, considered standard. 15-year fixed mortgage rates are at 3.625%. Both conventional fixed mortgage rates today are at record lows.

FHA mortgage rates today are about the same as conforming mortgage interest rates for the most part as has been the case for several months. Today’s FHA 30-year fixed loan rate is 4%, the same as the conforming 30-year fixed mortgage rate; however, MI and other FHA fees usually make closing costs much higher on an FHA loan then a conforming loan at the same note rate and origination fee.

Jumbo mortgage rates are steady and today’s jumbo 30-year fixed loan rate is 5.125%.

Wells Fargo mortgage rates are down from late last week. Today’s Wells Fargo 30-year fixed mortgage rate advertised on their website is 4.375% with an APR of 4.559.

Mortgage-backed securities prices are down slightly today -6/32, but still up on the week. As a result mortgage rates are stable and more likely to decline than rise.