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.