Today’s Mortgage Rates Associated with .07 to 1 Point Origination (at par) – FreeRateUpdate.com
By: Bruno Mckenzie
SHEEPSHEAD BAY BROOKLYN, NY — Feb. 19 (FreeRateUpdate.com) – FreeRateUpdate.com research of wholesale lenders’ rate sheets shows 30 year fixed mortgage rates associated with .07 to 1 point in origination (at par) rose to 4.875 percent, from 4.75 yesterday. This rate increase applies to conforming 30 year fixed (standard 30 year fixed) products as well as FHA 30 year fixed loans.
The jumbo 30 year fixed rate, associated with .07 to 1 point origination (at par) remains 5.75. It should be noted that with a low enough LTV (about 60%) consumers can get 5.5% with no buy down at places like Wells Fargo or TheGreatLoan.com (http://www.thegreatloan.com) , a specialty jumbo lender.
Why did mortgage rates go up? Following the Fed Minutes Wednesday, where the Fed said it’s possible they begin selling their MBS portfolio sooner than later, mortgage-backed securities prices began to drop and did so through yesterday afternoon. The overall drop in MBS prices was significant enough to push mortgage rates, which move in the opposite direction, up.
Current Mortgage Rates Associated With 0.7 to 1 Point Origination (at Par):
Conforming 30 year fixed rate – 4.875%
Conforming 15 year fixed rate – 4.25%
Conforming 5/1 ARM rate – 3.875%
PMI and FHA fees make FHA loans more costly despite origination being the same.
FHA 30 year fixed rate – 4.875%
FHA 15 year fixed rate – 4.50%
FHA 5/1 ARM rate – 3.875%
Jumbo 30 year Fixed rate – 5.75% With a low enough LTV (about 60%) 5.5 is obtainable
Jumbo Conforming 30 year fixed rate – 5.125%
Source: http://www.freerateupdate.com/