FreeRateUpdate.com research of wholesale lenders' rate sheets shows conventional 30-yr fixed mortgages available today at 4.875% to well-qualified consumers paying a standard origination fee of .07 to 1 point.
15-year fixed mortgages remain available at 4.25, and the 5/1 ARM is available at 3.625%.
FHA mortgage rates, which have not wavered much with bond prices, remain steady. FHA 30-yr fixed rate loans continue to be available at 4.75%. MI, at 2.25% of the amount financed, and other FHA fees make FHA loans far more expensive than conventional loans, even at similar rate and origination. The I.R.S. home-buyer tax credit of up to $8,000 expires this week, on Friday. The tax credit is applicable toward closing cost on an FHA loan.
Jumbo mortgage rates have been sailing smooth and the 30-yr fixed jumbo rate remains at 5.625%. 5.5% on a jumbo 30-yr fixed is available to those with an extremely low loan to value ratio. Jumbo securities are being sold again privately for the first time 2 years and could be a sign the jumbo mortgage market is poised to loosen.
Mortgage-backed securities prices, which drive mortgage rates their opposite, continue to perform well without government buying. So far this week MBS prices are up. There's a solid chance rates improve, especially as the deterioration in Greek's economy once again is pushing investors toward bonds.
FreeRateUpdate.com researches over 2 dozen wholesale lenders' rate sheets daily to determine the most accurate rates available to well-qualified consumers at standard origination of about 1 point.
Today's Mortgage Rates - Available today at a standard origination fee of 1 pt to well-qualified borrowers:
- 30-yr fixed-rate - 4.875%
- 15-yr fixed-rate - 4.250%
- 5/1 ARM rate - 3.625%
- FHA 30-yr fixed-rate - 4.750%
- FHA 15-yr fixed-rate - 4.50%
- FHA 5/1 ARM rate - 3.500%
- VA 30-yr fixed-rate - 4.875%
- Jumbo 30-yr fixed-rate - 5.625%
- Jumbo Conforming 30-yr fixed-rate - 5.000%
- Conventional = Standard, Conforming, Freddie Mac / Fannie Mae insured