30-yr fixed mortgage rates continue to hold at a record low 4.375% for well-qualified borrowers paying a standard .07 to 1 point origination. 15-yr fixed mortgage rates have dipped once again, setting a new record low, at 3.75%, down from 3.875.
FHA mortgage rates are now a tad lower than conforming mortgage rates. 30-yr fixed FHA loan rates are at 4.25%. Despite the slightly lower note rate available at an origination fee of 1 point, APR on an FHA loan at that rate is much higher than that of a conforming mortgage because of FHA fees and MI.
Jumbo mortgage rates are unchanged. Today’s jumbo 30-yr fixed-rate is 5.375%.
Wells Fargo continues to advertise a 30-yr fixed-rate of 4.75% on their website, with an APR of 4.939.
Mortgage-backed securities prices, which drive mortgage rates in the opposite direction, are up early this week cementing rates at the current record low.
Article Published on Realty Times, June 23, 2010
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