Mortgage Rates 7/19: Mortgage Interest Rates Could Rise Slightly
By: Ed Ferrara
July 19, 2010 (FreeRateUpdate.com) – Mortgage-backed securities prices, which drive mortgage rates in the opposite direction, gave some back today slipping -9/32 (FNMA 30-yr 4.0 at 101.19), putting fixed mortgage interest rates at risk to rise tomorrow.
For now, conforming 30-year fixed mortgage rates remain at an all-time record low 4.125% for well-qualified borrowers paying a standard .07 to 1 point origination. 15-year fixed mortgage rates remain at 3.625%, also a record low.
FHA mortgages continue to have similar rates to those of conforming mortgages. 30-year fixed FHA loans are available today at 4.125%; however, MI and other FHA fees make the APR (closing cost) higher than that of a conventional mortgage with the same note rate and origination fee.
Today’s 30-year fixed jumbo rate remains at a record low 5.25%.
FreeRateUpdate.com researches over 2 dozen wholesale lenders’ rate sheets to determine the most accurate mortgage interest rates available to consumers who are well-qualified, and willing to pay about 1 point origination.
Wells Fargo is advertising on their website a 30-year fixed-rate of 4.5% with an APR of 4.686.
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