California Mortgage Rates
California Mortgage Rates: California Mortgage Rates See Slight Increase
January 18, 2011 (FreeRateUpdate.com) – California mortgage rates saw a slight increase today after seeing a slight decrease last week, an up and down pattern that has become common with mortgage interest rates. Today's California 30 year fixed mortgage interest rates for conforming California fixed rate mortgages are at 4.625% and California 15 year fixed rate mortgages are at 4.000%, an increase of .125% from previous pricing. California 5/1 adjustable rate mortgages are steady at 3.125%. These are the best loan rates available for California borrowers with 0.7 to 1% origination fee who have excellent credit scores and can meet lender guidelines.
Current California FHA mortgage loans have also seen an increase from last week. California FHA 30 year fixed mortgage loan rates are at 4.500% which is up .125% and California FHA 15 year fixed mortgage loan rates are at 4.000%, up .250%. California FHA 5/1 Adjustable Rate Mortgage loans remain steady at 3.000%.
Borrowers who opt for California FHA mortgage loans have higher FHA closing costs (APR) due to applicable California FHA fees and the upfront mortgage insurance premium.
Today's mortgage rates for California jumbo mortgage loans remain steady from last week's pricing with California 30 year jumbo mortgage loans at 5.125% and California 15 year jumbo mortgage loans at 4.750%.
California jumbo 5/1 adjustable rate mortgage loans are at 3.875%. For high end California borrowers, these mortgage rates for jumbo mortgage loans are available with 0.7 to 1% origination point.
Current Well's Fargo California 30 year fixed mortgage interest rates are at 4.875% (5.065% APR), an increase of .125%.
MBS prices (mortgage backed securities) have had an uneasy day and are down-12/32 (FNMA 30 yr 4.0 at 99.01) which is lower than earlier pricing of -3/32. Mortgage rates are driven by MBS prices and move in the opposite direction. Mixed feelings regarding the housing recovery among homebuilders was reported earlier today.
California home prices have shown slight gains and California foreclosures have decreased as of the end of 2010. As California was one of the first housing markets to slump, it very well could be one of the first to show recovery.
FreeRateUpdate.com surveys more than two dozen wholesale and direct lenders' rate sheets to determine the most accurate mortgage rates available to well qualified consumers at a standard .07 to 1 point origination.
Click here for current California mortgage rates.
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FHA Mortgage 101
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- Conventional vs. FHA mortgage, the difference
- Conventional vs. FHA mortgage, the difference
- Conventional vs. FHA mortgage, the difference
- Conventional vs. FHA mortgage, the difference
- Conventional vs. FHA mortgage, the difference
- Conventional vs. FHA mortgage, the difference
- Conventional vs. FHA mortgage, the difference