Mortgage Rates Today: 30 Year Fixed Mortgage Rates Up .50% From All Time Low. Also FHA Loan Update.
By: Sheldon Levene
It was a month ago when conforming 30 year fixed mortgage rates dipped to 4.5% at par, the lowest level ever. Freddie Mac who’s been tracking average 30 year fixed mortgage rates since the seventies reported in their weekly survey that week an average 30 year fixed mortgage rate of 4.71%. A principal and interest payment on a $200,000 mortgage fixed for 30 years at 4.5% is just $1,013.37, comparable to the rent of a 1 bedroom apartment in a lower income area of Southern California. Mortgage rates today have risen off those record lows, still though home affordability is excellent. 30 year fixed mortgage rates today are as low as 5% for both conforming and FHA mortgages.
Why choose an FHA Loan?
One of the advantages of FHA loans are lower down-payments. The main dis-advantage of FHA loans are higher costs. Those higher costs though can be offset with a home buyer tax credit of up to 8 thousand dollars available now until April of 2010.
Other Mortgage Rates Today
Conforming 15 year fixed mortgage rates today are as low as 4.25%. They’ve been far less volatile than 30 year fixed mortgage rates. Today’s 5/1 ARM rate is 4%.