Mar. 09, 2010 (FreeRateUpdate.com) – It’s smooth sailin’ again today for mortgage interest rates. Current 30 year fixed interest rates are holding at 4.75. This rate is available to those well-qualified consumers willing to pay a standard .07 to 1 point origination. The current 15 year fixed interest rate remains 4.25. The current 5/1 ARM rate is 3.625.
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Current FHA mortgage rates continue to be about the same as conforming. The current FHA 30 year fixed rate is 4.75, unchanged. The current 15 year fixed rate is 4.5, and 5/1 ARM rate 3.625, both unchanged. FHA loans come with higher costs due to MI and other FHA fees.
Current jumbo mortgage rates are, you guessed it, unchanged. The current jumbo 30 year fixed rate is 5.625.
FreeRateUpdate.com researches over 2 dozen wholesale lenders’ rate sheets daily to determine the most accurate mortgage rates associated with a standard .07 to 1 point origination, available to well-qualified consumers. These mortgage rates are well known in the mortgage industry as “par rates”. These, not national averages, are the rates consumers should shoot for.
Mortgage-backed securities prices, which drive mortgage rates in the opposite direction, are up a tad today +2/32 (FNMA 30-yr 4.5 at 101.07).
The benchmark 10 year treasury yield, used to forecast mortgage interest rates, is unchanged and at 3.7 as of 8:52 AM PST.
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