Mortgage Rates 7/29: No Change in Fixed Mortgage Rates
By: Ed Ferrara
July 29, 2010 (FreeRateUpdate.com) – 30-year fixed mortgage rates continue to hold at a current all-time low level of 4.25% for well-qualified consumers paying a standard .07 to 1 point origination. 15-year fixed mortgage rates are also at an all-time low and have been for weeks, at 3.625%. 15-year mortgages are extremely attractive to qualified consumers because of the sub 4% interest rate, unheard of previously. Both fixed mortgage rates are verified as being available by FreeRateUpdate.com research of over 2 dozen wholesale lenders’ rate sheets.
FHA loans are available at similar interest rates today to conforming mortgages. Despite 30-year fixed FHA mortgage rates being as low as 4.25% for well-qualified borrowers paying a point origination, just as conforming 30-year fixed mortgages are, APR and closing costs are higher on an FHA loan because of MI, at 2.25% of the loan amount, and other FHA fees, then they are on a conforming mortgage.
Jumbo 30-year fixed mortgage rates, also holding at a record low, are at 5.125% today, unchanged as well.
Wells Fargo continues to advertise a conforming 30-year fixed mortgage rate of 4.5% with an APR of 4.686% on their website.
Mortgage-backed securities prices, which drive mortgage rates their opposite, are wavering slightly up and down unchanged for the most part in the past several days.