SHEEPSHEAD BAY, NY — Feb. 12 (FreeRateUpdate.com – Usually I deliver these updates after midnight. Today let’s call it, “coffee after noon”. Doesn’t have much of a ring to it does it? Mortgage rates are cemented at 4.75%, the same as they were on Monday morning, with no chance of going up today following gains in MBS prices this morning. Mortgage-backed securities, which dictate mortgage rates moving them in the opposite direction, are up + 8/32 as of noon eastern time. The Dow Jones Industrial 
Average is down about 80 points in what’s been another volatile session. Typically during these significant down days for stocks, MBS markets and mortgage rates are helped by investors seeking safe havens in bonds.
Current Mortgage Rates at Par:
Mortgage rates are the same as they were to start the week. That’s not a bad thing. The current conforming 30 year fixed rate is 4.75%. The current conforming 15 year fixed rate is 4.25%. The current conforming 5/1 ARM rate is 3.75%.
To FHA mortgage rates, which mirror conforming mortgage rates (are the same), except for the 15 year fixed. The current FHA 15 year fixed rate is at 4.5%. Keep in mind fees on FHA loans are much higher than those of conforming mortgages, part to do with premiums and fees charged by FHA.
The current jumbo 30 year fixed is 5.75%.
Yesterday on FreeRate LOCAL
Here’s a few pieces of local mortgage news from FreeRate LOCAL you may find useful. Yesterday, on FreeRate LOCAL – California, Mark Simons did a little mortgage 101 explaining why you might not get the rates you see advertised on billboards and TV. Read the full story here.
On FreeRate LOCAL – Florida – Jim Eggers talked about borrowing landscape is changing in Florida. Read the full story here.
To display today’s mortgage rates on your website or on your blog use our today’s mortgage rates widget which is also available as a WordPress plugin.