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.
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