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.
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