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.
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