Mortgage Rates 6/15: Mortgage Rates at Risk to Edge Up
By: Ed Ferrara
June 15, 2010 (FreeRateUpdate.com) – Mortgage rates are at risk to edge up following a decline in mortgage-backed securities prices today -9/32 (FNMA 30-yr 4.0 at 99.16) . MBS prices drive mortgage rates mortgage rates in the opposite direction.
For now, 30-year fixed mortgage rates are at 4.375
% for well-qualified consumers paying a standard .07 to 1 point origination. 15-year fixed mortgage rates are holding at a record low 3.875%. 5/1 ARM rates are steady at 3.5%
FHA mortgage rates are still the same as conforming. Cost of an FHA loan is much higher to due to MI and other FHA fees.
30-year fixed jumbo mortgage rates, also steady, have held at 5.375% for the past 2 weeks.
Wells Fargo, the #1 originator of new mortgages by volume, continues to advertise on their website a conforming 30-year fixed mortgage rate of 4.75% with an APR of 4.939.
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FreeRateUpdate.com researches over 2 dozen wholesale lenders’ rate sheets to find the most accurate rates available to well-qualified consumers at a standard origination fee of .07 to 1 point.