Feb. 26, 2010 – (FreeRateUpdate.com) - Current mortgage rates have improved slightly today. 5/1 ARM rates for conforming and FHA mortgages dipped to 3.625 from 3.75. 15 year fixed interest rates for FHA and conforming mortgages, while still at 4.25, have become less costly. 30 year fixed jumbo loan rates have dipped to 5.625, the lowest level in years. Many lenders offer 5.5 30 year fixed jumbos for those with an extremely low LTV.
30 year fixed mortgage interest rates for FHA and conforming mortgages remain solid at 4.75 with little to no risk of an immediate rise. It’s possible, with another improvement in MBS prices Monday, 30 year fixed rates dip to 4.625.
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The improvement in current mortgage rates comes from gains in MBS prices. Mortgage-backed securities, which drive mortgage interest rates in the opposite direction, are up +9/32. Economic data released today including GDP came in about as expected. Dissapointing Existing Home Sales helped MBS markets and mortgage rates.
The benchmark 10 year treasury, used by many to forecast mortgage rates, is down -0.05 and at 3.58, it’s lowest level of the week as of 11:44 AM PST.
To determine the most accurate mortgage rates possible, FreeRateUpdate.com does not rely on the popular method of collecting responses to a survey but instead researches wholesale mortgage lenders’ rate sheets. The rates we report are often referred to as par rates in the mortgage industry. A “par rate” is mortgage industry speak for the rate on any given day associated with about a point in origination. Our rates are typically 1/4 percent below national averages reported by Freddie Mac and Bankrate.com. Many well qualified consumers accept rates higher than what they are well qualified for simply because they’re not aware what’s available.
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