Alert: Mortgage Rates Today 5/27 – 30 Year Fixed Mortgage Rate Rising
By: Ed Ferrara
May 27, 2010 (FreeRateUpdate.com) ALERT: Mortgage rates are rising – Mortgage-backed securities prices, which drive mortgage rates in the opposite direction, are down -17/32 (FNMA 30-yr 4.5 at 101.25). As a result, mortgage rates are rising quickly.
Today’s conforming 30 year fixed mortgage rates are up an 1/8, from a record low 4.5, to 4.625 for well-qualified borrowers paying .07 to 1 point origination. Today’s 15 year fixed mortgage rate remains at 4% for now, but could move up at any moment. Today’s 5/1 ARM rate, at risk to rise, is at 3.5%.
Today’s FHA mortgage rates are rising fast as well. Today’s FHA 30 year fixed mortgage rate is up 1/4% from 4.375, currently at 4.625% mirroring the conforming 30 year fixed rate.
Jumbo mortgage rates, not as directly affected by MBS prices, remain the same for now. Today’s jumbo 30 year fixed rate is 5.375%.
Wells Fargo mortgage is offering a 30 year fixed mortgage rate of 4.875% with an APR of 5.065 on their website.
FreeRateUpdate.com researches over 2 dozen wholesale lenders’ rate sheets for brokers daily to determine the most accurate mortgage rates available to well-qualified consumers paying .07 to 1 point origination.