Mortgage Rates: Current 30-Year Fixed Rate Remains 4.75. FHA Mortgage Rates Steady.
By: Ed Ferrara
Current mortgage rates are nearing 4.625% fixed for 30 years as the mortgage rate market continues to improve. Prices of Mortgage Backed Securities of which mortgage rates move opposite are up today, so is the Dow. October retail sales coming in higher than expected this morning is the biggest market mover as far as economic data is concerned. MBS prices continue to move upward as mortgage rates edge back down to levels not seen in over a month when the 30-year fixed rate neared 4.5%. Today’s conforming 30 year fixed mortgage rate is closing in on 4.625%. The benchmark 10 year treasury yield, the best indicator for conforming mortgage rates, is down big and at 3.33% as of 1:07 PM PST. The yield is at it’s lowest level in over a month.
Current Mortgage Rates
The best way to determine accurate mortgage rates is by looking directly at rate sheets provided by wholesale mortgage lenders. FreeRateUpdate.com research of wholesale mortgage lender’s rate sheets shows the following.
Current 30 Year Fixed Mortgage Rate
The current 30-year fixed rate is 4.75% at par. The 30 year fixed rate continues to improve as it edged to nearly 4.625% today. 30-year fixed mortgage rates haven’t been this low in over a month and continue to trend downward toward 4.5%. If you take a look at a yearly chart it’s pretty clear it’s trending downward. The past 2 years 30 year fixed mortgage rates have bottomed out during the holiday season.
Current 15 Year Fixed and 5/1 ARM rates
The current 15 year fixed mortgage rate remains 4.25%. The 15 year fixed mortgage rate has held steady at 4.25% and if it moves anywhere this week it’s likely to be down. If you can close a 4.25% on a 15 year mortgage with low fees go for it! The current 5/1 ARM rate is 3.75%. 5/1 ARM’s are not recommended for anyone staying in the loan or home for more than 5 years as it goes adjustable.
Current FHA Mortgage Rates
Current FHA mortgage rates continue to be excellent amid rumors FHA (Federal Housing Administration) itself is in trouble. FHA loans are extremely popular among those purchasing homes currently because of the low down-payment requirement of just 3%. The current FHA 30-year fixed mortgage rate is stable at 4.75%. Buyers beware most major banks will offer 5% on an FHA 30-year fixed from what we’ve found in taking a look around. Why? It’s likely because of the average borrower. The average borrower getting an FHA loan isn’t rate conscious but more down payment driven.