Mortgage Rates 8/2: Mortgage Interest Rates Holding On
By: Ed Ferrara
August 2, 2010 (FreeRateUpdate.com) – Stocks posted triple digit gains today luring investors away from bonds, including mortgage-backed securities, which move mortgage rates. As a result, MBS prices dipped -7/32 and mortgage rates are at risk to rise off current all-time low levels.
Despite deteriorating conditions, today’s conforming 30-year fixed mortgage rate remains at 4.25% for well-qualified consumers with a 20% down-payment who are willing to pay a standard .07 to 1 point origination. Today’s 15-year fixed-rate is up slightly from last week 3.75%.
Today’s 30-year fixed FHA loan rate is 4.25%, the same as the conforming 30-year fixed-rate. FHA loans, available with as little as 3.5% down-payment, have a higher APR then conforming mortgages even at the same note rate and origination because of MI and other FHA fees.
30-year fixed jumbo mortgage rates remain at 5.125%, an all-time record low, for well-qualified borrowers.
Wells Fargo continues to advertise on their website a 30-year conforming mortgage rate of 4.5%, with an APR of 4.686.
FreeRateUpdate.com researches over two dozen wholesale lenders’ rate sheets daily to determine the most accurate rates available to well-qualified consumers paying about 1 point origination.
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