Feb. 10 (FreeRateUpdate.com) – Yesterday was another wild one. The Dow shot up over 200 points before finishing up about 150. Current mortgage rates are up on a rallying stock market but not up enough for lenders to adjust their rate sheets for the worse. What do I mean by that and why would mortgage rates be up because the stock market is up? 
Pricing affecting closing costs is worse but current mortgage rates are still the same. 4.75% for a 30 year fixed will cost you more than it did yesterday, but still about a point. When investors get in the stock market to profit, on days like yesterday, bonds suffer. When bond prices are down, mortgage rates which move the opposite are up. It works like that almost every time. Prices of mortgage backed securities in particular drive mortgage rates in the opposite direction. MBS prices were down -8/32 (FNMA 30-yr 4.5 at 101.03) yesterday. The benchmark 10 year treasury yield, the leading indicator for forecasting 30 year fixed mortgage rates, finished yesterday unchanged.
NEW: Search Local Mortgage Rates
FreeRateUpdate.com researches over 20 wholesale lenders rate sheets and reports on mortgage rates par rates. Why par rates? What benefit do consumers have with par rates in hand?A par rate is what a savvy and qualified consumer will receive on any given day with a standard 1 point in origination. Par rates are typically 1/4% below the ”national averages”. Less savvy borrowers often receive rates 1/4 point above par though they are well qualified. The banks make huge profits on this.
Current Mortgage Rates at Par for Conforming, FHA, and Jumbo Mortgages:
Current conforming mortgage rates at par are as follows. 30 year fixed, 4.75%, 15 year fixed, 4.25%, 5/1 ARM, 3.75%. Conforming mortgage rates are unchanged from yesterday with a slight increase in pricing effecting closing costs for the worse.
Current FHA mortgage rates at par are as follows. 30 year fixed, 4.75 %, 15 year fixed, 4.5%, 5/1 ARM, 3.75%. FHA mortgage rates are also unchanged from yesterday with slightly higher closing fees for the same rate.
The current jumbo 30 year fixed rate is 5.75% at par.
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