Current Mortgage Interest Rates: Pricing Worse Interest Rates the Same

Feb. 9 (FreeRateUpdate.com) – Current mortgage interest rates are the same but pricing effecting closing costs has worsened on a soaring stock market. The stock market finished up over 150 points on the day. Bond demand was down, as it usually is when stocks are soaring. Mortgage interest rates which move opposite bonds, mortgage bonds in particular, saw pressure to move up but held their ground. Mortgage-backed securities were down on the day  -8/32 (FNMA 30-yr 4.5 at 101.03). Many lenders re-priced for the worse. We saw closing costs rise a bit but not enough to change mortgage interest rates at par. The benchmark 10 year yield, used to forecast mortgage interest rates, was up +0.08 and at 3.64 at closing today.

NEW: Search local mortgage interest rates

FreeRateUpdate.com researches over 2 dozen wholesale mortgage lender’s rate sheets and reports on par rates daily. A par rate is what a savvy and qualified consumer will receive on any given day with a standard 1 point in origination. Par rates differ from national averages. The prominent “national averages” are typically 1/4 or so percent above the best available rates associated with average closing costs.

Current Mortgage Interest Rates at Par for Conforming, FHA, and Jumbo Mortgages:

The current 30 year fixed mortgage interest rate at par is 4.75%, unchanged but coming with higher closing cost then earlier today. The current 15 year fixed rate at par is 4.25%. The current 5/1 ARM rate at par is 3.75%. Risk of conforming mortgage interest rates going up is high heading into tomorrow morning, especially given the volatility of the stock market over the past few days.

Current FHA mortgage rates at par are the same as conforming rates with the exception of the 15 year fixed rate, which is a 1/4% higher at 4.5%.

The current jumbo 30 year fixed rate at par is 5.75%.

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