Feb 1. (FreeRateUpdate.com ) – Mortgage interest rates enter the week 1/4% off all time record lows. 30 year fixed mortgage interest rates finished last week down, at 4.75%. Prices of mortgage backed securities, which drive mortgage interest rates in the opposite direction, have been volatile the past few days. Just Friday morning it looked like a sure thing that interest rates 
would reach 5% for the first time in weeks, then rates reversed course as the stock market plunged at the same time. The political atmosphere is affecting mortgage interest rates. As investors speculate negatively or positively, about economic policies especially such as bank reform, we’ve seen mortgage backed securities prices and mortgage interest rates sea saw. Today’s announcement by the Obama administration for another $100 billion in stimulus and a deficit that will reach $1.6 trillion in 2010 coumd move mortgage interest rates more than usual. If the market plunges today expect 30 year fixed mortgage interest rates to dip to 4.625% at par, just an 1/8% off all time record lows.
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Mortgage Interest Rates Today – 30 year fixed – FHA – Jumbo
We enter the week with mortgage interest rates coming off improvements. 30 year fixed interest rates are at 4.75%, down from 4.875%, for conforming mortgages. FHA 30 year fixed interest rates are at 4.75% as well. 15 year fixed conforming mortgage interest rates are as low as 4.25% where they’ve remained for months. 5/1 ARM interest rates are at 3.75% down from 3.875% on both conforming and FHA mortgages.
Jumbo mortgage rates, 30 years fixed, are as low as 5.75% with slightly improved cost from last week.
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