Refinance Mortgage Rates 10-20: Home Mortgage Rates Hold

By: Ed Ferrara | October 20, 2010 at 9:03 am

October 20, 2010– Home mortgage refinance rates are holding at all time lows this week. Current 30 year fixed mortgage rates remain at 3.875% for well-qualified consumers who pay a standard .07 to 1 point origination. 15 year fixed home mortgage rates are sticking at 3.375%. Both conforming fixed mortgage interest rates today are down 1/8 from 2 weeks ago.

FHA mortgage rates, which are moved by the same mortgage-backed securities prices as conforming mortgage rates, are also unchanged and at record lows. Today’s 30 year fixed FHA loan rate is 3.875%, the same as today’s conforming 30 year fixed rate; however, MI and other FHA fees make closing costs on FHA loans higher than that of a conforming loan, even at the same origination and note rate.

Jumbo mortgage rates are unwavering of late. Today’s 30 year fixed jumbo loan rate remains at 4.875%.

Mortgage refinance applications are down despite the lowest mortgage refinance rates ever currently available.

FreeRateUpdate.com researches over 2 dozen wholesale and direct lenders’ rate sheets daily to determine the most accurate mortgage rates available to well-qualified borrowers who pay a standard origination fee.

Mortgage-backed securities prices, which drive home loan rates in the opposite direction, are unchanged today  (FNMA 30-yr 3.5 at 101.09) making it unlikely any shift in interest rates will occur today.

Current Mortgage Rates 10-13-10: 30 Year Mortgage Rates Hold at 3.875%

By: Ed Ferrara | October 13, 2010 at 4:14 pm

October 13, 2010 – 30 year fixed mortgage rates held today at 3.875% for well-qualified borrowers who pay about 1 point origination. 15 year fixed mortgage rates today held at 3.375%. Both fixed mortgage rates dipped 1/8 to new record lows this week. 5/1 ARM mortgage interest rates are at 2.875%.

FHA mortgage rates, which are driven by the same bonds as conforming mortgage rates, are also steady at all time lows. Today’s FHA 30 year fixed loan rate is 3.875%, the same as today’s conforming 30 year fixed mortgage rate.  MI and FHA fees make closing costs on an FHA loan higher than that of a conforming loan even at the same note rate and origination.

Jumbo mortgage rates are unchanged and at 4.875% 30 years fixed.

FreeRateUpdate.com researches over 2 dozen wholesale and direct lenders’ rate sheets to verify rates available to well-qualified borrowers who pay a standard origination fee.

Mortgage-backed securities prices, which drive conventional and conforming mortgage rates their opposite, are up today +7/32 (FNMA 30-yr 4.0 at 103.12). As a result it’s possible mortgage rates could improve, or at least further stabilize. There’s little to no risk of an immediate rise in mortgage rates.

Mortgage Rates Today 10/12: 30 Year Fixed Rate to New Low 3.875% and Stable

By: Ed Ferrara | October 12, 2010 at 10:22 am

October 12, 2010  – 30 year fixed mortgage rates today are stable at a new record low 3.875% for well-qualified borrowers who pay about 1 point origination. Current 15 year fixed mortgage rates are also at a new record low 3.375%. Both conventional fixed mortgage rates are down 1/8 from last week’s levels. Conforming 5/1 ARM mortgage rates are at 2.875%.

FHA mortgage rates, which are moved by the same bonds as conforming rates, continue to mirror conforming mortgage interest rates. Today’s 30 year fixed FHA loan rate is 3.875%, the same as today’s conforming 30 year fixed rate; however, FHA fees drive up closing costs even at the same note rate and origination. FHA continues to offer a minimum down payment of just 3.5%.

Current jumbo mortgage rates are steady, unchanged from last week. Today’s jumbo 30 year fixed mortgage rate is 4.875%. Jumbo conforming 30 year fixed mortgages can be obtained at rates as low as 4.125%, 30 years fixed.

FreeRateUpdate.com researches over 2 dozen wholesale and direct lenders’ rate sheets to determine the most accurate mortgage rates available to consumers who pay a standard origination fee of .07 to 1 point.

Mortgage-backed securities prices, which drive mortgage rates in the opposite direction, are up +5/23, stabilizing current mortgage rates are their new record lows.

Mortgage Rates 10/6: Mortgage Rates May Finally Dip Today

By: Ed Ferrara | October 6, 2010 at 9:20 am

October 6, 2010  – 30 year fixed mortgage rates today are unchanged at 4% for well-qualified borrowers who pay 1 point origination but may finally improve on rising MBS prices. 15 year fixed mortgage rates are at 3.5% and could also dip. Fixed rates have been on the brink of declining several times in the past few weeks.

FHA mortgage rates, which are driven by the same bonds as conforming mortgage rates, are currently steady at an all time record low level. 30 year fixed FHA loan rates are at 4%, and FHA 5/1 ARM rates are at 2.875%. Despite rates on FHA loans being about the same as rates for conforming mortgages, closing costs are higher from MI and other FHA fees.

Current 30 year fixed jumbo mortgage rates are at 4.875%, down from previous weeks, and jumbo 5/1 ARM rates are at 4%.

FreeRateUpdate.com researches over 2 dozen wholesale and direct lenders’ mortgage interest rate sheets daily to determine the mortgage rates available to qualified borrowers at about 1 point origination.

Mortgage-backed securities prices, which drive mortgage rates in the opposite direction, are up +5/32 (FNMA 30-yr 4.0 at 103.07) this morning.

Mortgage Rates 10/5: Home Mortgage Rates Sustain, Jumbo Loan Rates Low

By: Ed Ferrara | October 5, 2010 at 8:01 am

October 5, 2010  – Fixed home mortgage rates continue to sustain low levels. Today, 30 year fixed mortgage rates are at 4% for borrowers who are well-qualified and pay about 1 point origination. 15 year fixed mortgage rates today are at 3.5%. Current conforming 5/1 ARM rates are at 3%. Today’s mortgage interest rates have been verified by FreeRateUpdate.com research of over 2 dozen wholesale and direct lenders’ rate sheets.

FHA loan rates,  which move with conforming mortgage rates, also continue to maintain record low levels. Today’s 30 year fixed FHA mortgage rate is 4%; however, fees charged by the Federal Housing Administration make closing costs higher than a conventional mortgage at the same note rate and origination fee. The current FHA 5/1 ARM loan rate is 2.875%.

Current jumbo mortgage rates are extremely low. Today’s 30 year fixed jumbo loan rate is 4.875%, down from the low 5’s in months previous. The current jumbo 5/1 ARM rate is 4%.

Mortgage-backed securities prices, which drive mortgage rates in the opposite direction, are up in consecutive days to begin this week, but just marginally. MBS prices are up +1/32 (FNMA 30-yr 4.0 at 103.04) this morning. The Dow has recovered from yesterday’s 100 point loss.

Mortgage Rates 10/4/10: 30 Year Mortgage Rates Sitting at 4%

By: Ed Ferrara | October 4, 2010 at 12:08 pm

October 4, 2010 – 30 year fixed conforming and FHA mortgage rates are sitting at 4% for well-qualified consumers who pay a standard .07 to 1 point origination. 15-year fixed conforming mortgage rates are holding at 3.5%. Both fixed conforming and FHA mortgage rates are at all time record lows.

30 year fixed jumbo mortgage rates are at 4.875%, also an all time low and unchanged from last week.

FreeRateUpdate.com researches over 2 dozen wholesale and direct lenders’ rate sheets to verify these rates are available today for qualified consumers who pay about 1 point origination. These rates are commonly referred to as “par” rates in the mortgage industry.

Wells Fargo, who originates the highest volume of mortgages in the US, is advertising a 4.375% conventional 30 year fixed rate with an APR of 4.559% on their website.

Mortgage-backed securities prices, which drive conforming and FHA mortgage rates in the opposite direction, are up +7/32 on falling stocks. The Dow is down 100 points. As a result, it’s possible mortgage rates improve today.