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.
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