Mar. 1, 2010 — (FreeRateUpdate.com) – Current mortgage rates are steady. Prices of mortgage-backed securities, which drive mortgage rates in the opposite direction, haven’t moved much at all in the first 2 days of March.
The current conforming 30 year fixed remains 4.75, unchanged this week. The current conforming 15 year fixed rate remains 4.25, unchanged in the past few months. The current 5/1 conforming ARM rate is 3.625, also unchanged.
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The current FHA 30 year fixed loan rate is 4.75. The current FHA 15 year fixed rate is 4.5. The current FHA 5/1 ARM rate is 3.625. You’ll notice currently FHA and conforming mortgage rates are very similar. FHA loans come with higher fees due to MI and other fees charged by the FHA.
The current jumbo 30 year fixed rate is also steady at 5.625 with a slightly lower rate of 5.5 available for those with a LTV of 60% or less.
To determine our mortgage rates we research over 2 dozen wholesale mortgage lenders’ daily. The rates we report are referred to in the mortgage industry as par rates. These are the real mortgage rates associated with about 1 point in origination and are often 1/4 percent or more below national averages reported by Bankrate.com and Freddie Mac.
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