Uncertainty in the global economy has kept mortgage rates at record lows for over a month. This week mortgage-backed securities prices, which drive mortgage rates their opposite, have again posted gains as investors continue to favor safer bets, helping mortgage rates.
30-year fixed mortgage rates remain at 4.25% for well-qualified consumers willing to pay 1 point origination. 15-year fixed mortgage rates are at 3.625%.
FHA mortgage rates mirror those of conforming mortgages for the most part. Today's FHA 30-year fixed-rate is solid at 4.25% with low risk of a sudden jump. A 30-year fixed FHA loan with an interest rate of 4.25% at 1 point origination will have a higher APR then that of an identical conforming mortgage because of MI and other FHA fees charged exclusively on FHA loans.
30-year fixed jumbo mortgage rates are all the way down to 5.125%, after being in the high 5's for most of the first half of 2010.
Wells Fargo is advertising a 30-year fixed-rate of 4.5% with an APR of 4.686 on their website, down from last week.
All rates mentioned in this article are verified by FreeRateUpdate.com who researches over 2 dozen wholesale lenders' rate sheets for brokers on a daily basis.
Written by Ed Ferrara
July 21, 2010, Published on Realty Times
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