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BREAKING: Current Mortgage Rates Rise – 30-Yr Fixed, 5/1 ARM Rates Up

By: | March 24th, 2010

Mar. 24, 2010 (FreeRateUpdate.com) – Unfortunately for consumers who haven’t locked rates yet, 30-yr fixed mortgage rates have ticked up. This afternoon conventional 30-yr fixed mortgages are available to well-qualified consumers paying a standard origination of .07 to 1 point at 4.875%, up from 4.75% this morning.

15-yr fixed rates also moved up, to 4.25% from 4.125. That rate is available on conventional (conforming a.k.a. Freddie Mac FRE, Fannie Mae FNM insured) mortgages, while 4.5% remains the FHA 15-yr fixed rate.

5/1 ARM rates for both conventional and FHA mortgages moved up to 3.75 from 3.625 today.

Jumbo 30-yr fixed mortgages are still available at 5.625% to well qualified consumers.

Looking for low mortgage rates? Try our fast free local mortgage rates search.

30 year fixed mortgage ratesThe reason for the spike in rates today was a significant drop in mortgage-backed securities prices. MBS prices drive mortgage rates in the opposite direction.

The benchmark 10-yr T-yield, used to forecast mortgage rates, shot up to 3.83%.

It’s very possible this trend (rising rates) could continue leading up to the stoppage of government purchasing of these securities, set for Mar. 31. The Fed says that ideally following the stoppage we will see only a slight increase in mortgage rates.

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