Mortgage Rates 5/24/10: Mortgage Rates Today Holding at Lowest Level Ever
By: Ed Ferrara
May 24, 2010 (FreeRateUpdate.com) – Mortgage rates are holding at the lowest level ever. Mortgage-backed securities prices, which drive mortgage rates in the opposite direction, are down slightly today -3/32 (FNMA 30-yr 4.5 at 102.03) but not enough to move mortgage rates.
Today’s convention 30 year fixed mortgage rate is 4.5%, unchanged. Today’s 15 year fixed mortgage rate is 4%, also unchanged.
Today’s FHA 30 year fixed loan rate is 4.375%, an 1/8 lower than the conforming rate, and unchanged from Friday. Despite slightly lower FHA 30 year fixed loan rates being available, MI and other FHA fees make closing costs higher and in turn the APR as well.
Today’s jumbo 30 year fixed mortgage rates, for jumbo loans exceeding conforming jumbo county loan limits, is 5.5%.
Wells Fargo, the #1 originator of residential mortgages in the United States, is advertising on their website a 30 year fixed rate of 4.875% with an APR of 5.065.
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