Lock Your Mortgage Rates Today. Current 30 Year Fixed Mortgage Rates on Edge.
By: Bruno Mckenzie
SHEEPSHEAD BAY BROOKLYN, NY — Feb. 18 (FreeRateUpdate.com) – Lock your rates! After the Fed Minutes report came on yesterday we saw some big time deterioration in the mortgage rate market. MBS prices sank fast and hard pushing 30 year fixed mortgage rates for conforming and FHA loans to the brink. Today while 30 year fixed mortgage 
rates remain 4.75, any minute that can change. With a slew of economic data out today anything could happen. It’s possible by Saturday we could see mortgage rates at 5%. MBS prices, which drive mortgage rates in the opposite direction, dropped -14/32 yesterday. That’s a pretty big number. I know the gamblers out there will continue to roll the dice. I, the real Bruno Mckenzie, am officially pulling my lock card. I think this was the last we’ll see of 4.75%. Get ready for rates hovering just above 5%.
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The current 30 year fixed rate for both FHA and conforming mortgages is at 4.75% and rising fast. The current 5/1 ARM rates for FHA and conforming mortgages are at 3.875% and rising.
Jumbo mortgage rates are the only thing down on the week. They’re not directly moved by the same securities effecting conforming and FHA mortgage rates. The jumbo 30 year fixed rate is now at 5.5%.
I’m telling ya’. Get on the phone and call your guy. Lock before it’s too late!