LOS ANGELES, CA — Feb. 19 (FreeRateUpdate.com) – According to our research of wholesale lenders’ mortgage interest rate sheets 30 year fixed mortgage interest rates, for conforming and FHA mortgages, rose 1/8 from 4.75% to 4.875% yesterday. 4.875% is now the interest rate associated with about 1 point origination (par rate). 30 year fixed mortgage interest rates had been holding at 4.75 for quite some time. A significant decline in mortgage-backed securities following the Fed Minutes on Wednesday afternoon which continued yesterday caused mortgage interest rates, which move the opposite MBS prices, to rise. The commentary by the Fed that they could start selling their massive MBS portfolio sooner than later had a particularly negative effect on MBS prices. The benchmrk 10 year treasury yield, used by some to forecast mortgage rates, is unchanged today and at 3.8 as of 9:12 AM. Many economist from the large banks, such as Bank of America, have said on record the yield will surely reach 4% by the end of the year which should spell higher mortgage rates.
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The current 30 year fixed interest rate associated with about 1 point in origination (par rate) is 4.875%. The current 15 year fixed rate is 4.25%. The current 5/1 ARM rate, up an 1/8 from the start of the week, is 3.875%.
Current FHA mortgage rates are also up today from yesterday. The current FHA 30 year fixed rate associated with about a point in origination (par rate) is 4.875%. The FHA 15 year fixed remains 4.5%, and the 5/1 ARM 3.875%.
Current jumbo mortgage rates are down slightly from recent. The current jumbo 30 year fixed rate is 5.75%, but with a low enough LTV (around 60%) 5.5% is obtainable. Because 5.5% requires such an extremely low LTV, 5.75% is our jumbo 30 year fixed rate. We’re just informing you of your options.
FreeRateUpdate.com researches over 2 dozen wholesale lenders’ rate sheets on a daily basis and reports mortgage rates associated with about 1 point origination (par rates). Par rates are typically about 1/4% below the Freddie Mac national average. Consumers often accept rates much higher than what the are well qualified for because they are unaware lower mortgage rates are available.
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