Mortgage Interest Rates Today 5/19: Mortgage Rates Match Record Low
By: Ed Ferrara
May 19, 2010 (FreeRateUpdate.com) – Mortgage interest rates today have matched an all time low set in late 2009. 30-year fixed mortgage rates, for conventional mortgages, are at 4.5% for well qualified borrowers paying a standard .07 to 1 point origination. FHA 30 year fixed rates are at 4.375%, down from 4.5. Keep in mind FHA loans come with MI and other FHA fees that typically make costs and APR much higher. Today’s jumbo 30-year fixed rate is 5.5%, unchanged.
These rates are available today to the most highly qualified borrowers paying about a point in origination as verified by FreeRateUpdate.com research of over 2 dozen wholesale lenders’ rate sheets.
The improvement in mortgage interest rates is the result of rising mortgage-backed securities prices. MBS prices drive mortgage rates in the opposite direction. Today MBS prices are up +3/32 (FNMA 30-yr 4.5 at 102.01), not enough to move rates, but yesterday MBS prices rose +11/32.
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