Mortgage Rates Today: Today’s Mortgage Rates at Par Hold as Stocks Rally

Feb. 9 (FreeRateUpdate.com) – Today’s mortgage rates often deteriorate on days when the stock market rallies. Why? Mortgage-backed securities which drive mortgage rates in the opposite direction lose demand as investors look to make profits in stocks. Mortgage rates today are holding despite a big rally in stocks, the Dow is up over 140 points on renewed optimism in the industrial sector. Positive numbers from Coca Cola, Caterpillar, and McDonald’s helped move the market as well. Mortgage-backed securities prices, the biggest factor effecting current mortgage rates, are down slightly, -3/32 (FNMA 30-yr 4.5 at 101.08), not enough to make a lenders adjust their rate sheets for the worse.

NEW: Search local mortgage rates

FreeRateUpdate.com researches over 2 dozen wholesale mortgage lender’s rate sheets and reports on par rates daily. A par rate is what a savvy and qualified consumer will receive on any given day with a standard 1 point in origination. Par rates differ from national averages. The prominent “national averages” consist of  rates that will still draw applications but give their clients (the banks) the chance to make the biggest possible profit on less savvy borrowers. If any loan officer walks into work, the first thing he’ll likely look for is  the day’s par rate. That’s the rate he’ll quote with a standard 1 point origination.

Mortgage Rates Today at Par for FHA, Conforming, and Jumbo Loans;

Our research of wholesale lender’s rate sheets show no change in mortgage rates today. Today’s 30 year fixed rate for both conforming and FHA loans at par is 4.75%. The conforming 15 year fixed rate at par is 1/4% lower than FHA, at 4.25% compared to 4.5%. Both conforming and FHA loans 5/1 ARM rates at par are 3.75%.

Today’s 30 year fixed jumbo rate is 5.75%, unchanged.

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