May 06, 2010 (FreeRateUpdate.com) – Current mortgage interest rates, slid down from levels earlier in the week, are stable. The current conforming 30-year fixed mortgage interest rate, for well-qualified borrowers paying .07 to 1 point origination, is 4.75%, down from 4.875% earlier this week. The current conventional 15-yr fixed mortgage rate is 4.25, and the current 5/1 ARM rate, 3.625.
Following the dip in conforming mortgage interest rates earlier this week, FHA mortgage rates are even with conforming. The current 30-year fixed FHA loan rate is 4.75, the 15-year FHA loan rate 4.5, and 5/1 ARM FHA rates 3.625. Despite FHA loans often having lower note rates than conforming mortgages, APR (closing cost) is higher because of MI and other FHA fees.
The current jumbo 30-year fixed rate remains unchanged at 5.625. It’s speculated a recent private sale of jumbo mortgage securities signals that jumbo mortgage credit will be easier to get soon. We’ve yet to see it, but when it happens we’ll report it.
It’s possible mortgage interest rates slide lower. Mortgage-backed securities prices, which drive mortgage rates in the opposite direction are up +7/32.
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