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Mortgage Rates

Mortgage Rates: Low Mortgage Rates Remain Stable as Turmoil Hits Greece

Low mortgage rates remain stable today as turmoil has hit Greece after five ministers and undersecretaries resigned as a sign of protest against the new austerity deal that was in the works. With the future of the deal at risk, investors turned to safety. Today's 30 year fixed mortgage rates are at 3.500%, 15 year fixed mortgage interest rates are at 2.875% and 5/1 ARM loan rates are at 2.750%. Well qualified borrowers with good credit are able to obtain these low mortgage rates with 0.7 to 1% origination fee. Lenders look for long term employment that they will verify and enough assets to cover the down payment and several months of reserves. Two months of bank statements are necessary in order to show that monthly balances remain consistent. Low mortgage rates are bringing in quite a number of refinances at this time. Having the documents ready in advance for the lender will make the process easier and quicker. Current FHA 30 year fixed mortgage interest rates are at 3.250%, FHA 15 year fixed mortgage rates are at 2.750% and FHA 5/1 ARM loan rates are at 2.750%. First time home buyers who choose FHA mortgages find that there are several mortgage programs available, as well as, other options to make the mortgage work. Low down payments can come from gifts that meet FHA approval, housing grants or loans, sweat equity and even bridal registries. FHA mortgages have easier credit qualifying guidelines that are designed to allow homeownership even to borrowers who have blemished credit. With the increase in the FHA loan limit to $729,750, depending on the area, FHA mortgages are now available to higher income borrowers. While FHA does have higher closing costs (APR) because of various FHA fees and the upfront mortgage insurance premium, these expenses can be financed with the mortgage under certain circumstances. Jumbo 30 year fixed mortgage interest rates have an increase of .125% today and are at 4.250%. Remaining the same, jumbo 15 year fixed mortgage rates are at 3.375% and jumbo 5/1 ARM loan rates are at 2.500%. Excellent credit is necessary to receive these lowest jumbo mortgage rates with 0.7 to 1% origination point. Jumbo mortgages, which are not government insured or sold to Fannie Mae and Freddie Mac, are considered portfolio loans by lenders. Therefore, lenders have stricter guidelines in order to reduce their risks. Employment and assets must be documented and will be verified by the lender for accuracy. The lender may request additional information when deemed necessary in order to support the mortgage approval. Current Wells Fargo California 30 year fixed mortgage interest rates are at 3.875% (4.054% APR). MBS prices (mortgage backed securities) are up +05/32 (FNMA 30 yr 3.5 at 103.14) which is close to early morning pricing. Mortgage rates move in the opposite direction of MBS prices. Markets are volatile today with stocks down after the turmoil that has hit Greece over the latest austerity plan. There is more uncertainty as to whether Greece will be able to avoid a debt default next month. In the U.S. the Trade Deficit was larger than expectations. According to Reuters-University of Michigan consumer-sentiment index, Consumer Sentiment was lower that expected for the beginning of February. Mortgage rates should remain steady through the weekend. 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 fee.

 
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FHA Mortgage 101

  • 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
  • Conventional vs. FHA mortgage, the difference
  • Conventional vs. FHA mortgage, the difference
  • Conventional vs. FHA mortgage, the difference