LOS ANGELES, CA — Feb. 25, 2010 ( http://www.freerateupdate.com/ ) – Current mortgage rates have stabilized at 4.75% following a gain in mortgage-backed securities prices. MBS prices, which drive mortgage rates in the opposite direction, are up +8/32 on falling stocks. It’s typical when stocks tank, that investors flee to bonds helping MBS prices and mortgage rates. The benchmark 10 year treasury yield, used to forecast mortgage rates, is down -0.05 and at 3.64 as of 10:13 AM PST.
Looking for the lowest current mortgage rates? Search local mortgage rates here.
Low mortgage rates havn’t helped purchase applications. The Mortgage Bankers Association says purchase applications have fallen to their lowest level since 1997.
FreeRateUpdate.com research of wholesale lenders’ rate sheets shows mortgage rates have stabilized at current levels following several re-prices. As a result of the favorable re-prices 30 year fixed rate of 4.75%, down from Monday afternoon when the rate was 4.875%, will cost a bit less than it did yesterday. The current conforming 30 year fixed rate is 4.75%. The current 15 year fixed rate is 4.25%. The current 5/1 ARM rate is 3.75%.
While FHA mortgage rates very slightly from conforming mortgage rates, they are driven by MBS prices as well. As a result FHA mortgage rates have stabilized today. The current 30 year fixed FHA rate is 4.75%. The current FHA 15 year fixed rate is 4.5%. The current FHA 5/1 ARM rate is 3.875%
Current jumbo mortgage rates, for true jumbo loans not falling into the category of jumbo conforming, are unchanged. The current 30 year fixed jumbo rate is 5.75%.
To display current mortgage rates on your website or blog use our free mortgage rates widget