June 7, 2010 (FreeRateUpdate.com) – Conventional 30-year fixed mortgage interest rates moved to an all time record low 4.375% on Friday for well-qualified consumers paying .07 to 1 point origination. Today’s 30-year fixed-rate is the lowest on record. 15-year fixed mortgage rates also moved to a new all time low, 3.875%.
The dip in mortgage rates was caused by soaring mortgage-backed securities prices Friday. MBS prices, which move mortgage rates their opposite, rose +21/32 (FNMA 30-yr 4.5 at 102.23). The increase in MBS prices was attributed to a worse than expected jobs report and Hungary debt concerns.
FHA mortgage rates are the same as conforming.
Jumbo mortgage rates are steady and the jumbo 30-year fixed-rate remains at 5.375%
Wells Fargo, who originates more mortgages than any other U.S. lender, is advertising a conforming 30-year fixed-rate of 4.75 with an APR of 4.939, down about 1/8 from last week.
Today MBS prices are unchanged and as a result so are mortgage rates.
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