Feb. 1 (FreeRateUpdate.com) – It looked early this morning as if mortgage backed securities prices could tank ahead of the Obama budget details but that hasn’t been the case. MBS prices, which drive current mortgage rates in the opposite direction, have stabilized. 
MBS prices are down -7/32 (FNMA 30-yr 4.5 at 100.28) on the day. Better than expected manufacturing data helped push the Dow up over 118 points, hurting current mortgage rates. Investor demand for mortgage bonds was relatively low today because of the profitable stock market. Tomorrow at 10 AM Eastern they’ll announce Pending Home Sales. The benchmark 10 year treasury, used to forecast current mortgage rates, ended the day at 3.65 up +0.07.
NEW: Looking for the lowest current mortgage rates? Conduct a local mortgage rate search.
Current mortgage rates are as low as 4.75% at par, for 30 year fixed conforming mortgages. Current FHA mortgage rates at par are as low as 4.75% as well, for 30 year fixed loans. Current 15 year fixed rates for FHA and conforming mortgages differ. Conforming 15 year fixed mortgage rates are currently as low as 4.25%, while FHA 15 year fixed rates are as low as 4.5%. Both FHA and conforming 5/1 ARM rates are at 3.75% at par. Par rates are the lowest current mortgage rates with a typical 1 point origination fee. 30 year fixed jumbo mortgage rates are as low as 5.75% at par.
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