Current Mortgage Rates 6-3: Mortgage Rates Continue to Hold
By: Ed Ferrara
June 3, 2010 (FreeRateUpdate.com) – Mortgage rates continue to hold thanks to steady mortgage-backed securities prices. MBS prices drive mortgage rates in the opposite direction. Today MBS prices are down slightly -2/32 (FNMA 30-yr 4.5 at 102.01), not enough to move mortgage rates.
Conventional mortgage interest rates across the board are unchanged this week. The current conventional 30 year fixed mortgage rate is 4.5%. The current 15 year fixed rate is 4%, and the current 5/1 ARM rate is 3.5%. These rates are available today to well-qualified consumers paying .07 to 1 point origination.
FHA mortgage rates are currently the same as conventional mortgage rates, and also unchanged today.
Jumbo mortgage rates are unchanged as well. The current jumbo 30 year fixed rate remains at 5.375%.
The current run for mortgage rates at 4.5% marks the longest period of time rates have remained this low. The only other time 30 year fixed mortgage rates were this low was December of last year, just a few days days.
Wells Fargo, the biggest lender in the nation volume wise, is currently offering a 30 year fixed mortgage rate of 4.875% for both conventional and FHA mortgages.
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