May 10, 2010 (FreeRateUpdate.com) – Current mortgage rates are unchanged, and held their ground through the 6 minute 1,000 point stock plunge last week. Mortgage-backed securities prices, which drive mortgage rates in the opposite direction, are down just slightly today -8/32. If MBS prices continue to slide, mortgage rates could rise.
For well-qualified borrowers willing to pay about a point in origination, the current 30-year fixed rate is 4.75%. The current 15-year fixed rate is 4.25%, and the current 5/1 ARM rate is 3.625%. Across the board, conventional mortgage rates today are unchanged.
The current FHA 30 year fixed rate also remains at 4.75%. The current FHA 15 year fixed rate is 4.5%, and the FHA 5/1 ARM rate is 3.625%, same as conforming.
The current jumbo 30 year fixed rate is still at 5.625%.
The rates mentioned in this article are available today to well-qualified consumer paying a standard .07 to 1 point origination, as verified by FreeRateUpdate.com through our research of over 2 dozen wholesale lenders’ rate sheets.
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