May 26, 2010 (FreeRateUpdate.com) – This week we’ve seen conforming and FHA mortgage rates stiffen up, holding at all time lows for an extended period of time which is unusual. In the past, these low rates have been tough to catch, the window of opportunity being in some cases just 1 day. With 30 year fixed mortgage rates of 4.5% available to well-qualified consumers all week long, borrowers have had a fair chance to lock in.
It seems that consumers aren’t squandering the opportunity to save money. FreeRateUpdate.com has seen quite a spike in refinance rate requests, in fact it’s the biggest increase in refi rate requests we’ve seen in our 2 years online. Purchase rate requests on the other hand are down significantly from last month, when home-buyers rushed to beat the April 30th deadline for the home-buyer tax credit.
The current conforming 30 year fixed rate remains at 4.5%. The current 15 year fixed rate remains at 4%. The current 5/1 ARM rate is at 3.5%.
The current FHA 30 year fixed rate is at 4.375%. FHA loans come with MI and FHA fees that make closing costs much higher than that of a conforming mortgage.
The current jumbo 30 year fixed rate is down to 5.375%, from 5.5.
Wells Fargo, who originates more mortgages today than anyone else, is advertising on their website a 30 year fixed rate of 4.875 with a 5.065 APR.