Ohio Mortgage Rates
Ohio Mortgage Rates: Ohio Mortgage Rates Stay the Same But Risk Repricing
January 26, 2011 (FreeRateUpdate.com) – As investors await today's Fed announcement, Ohio mortgage rates remain the same but are at risk of repricing. Today's conforming mortgage rates for Ohio 30 year fixed rate mortgages are at 4.625%, Ohio 15 year fixed rate mortgages are at 3.875% and Ohio 5/1 adjustable rate mortgages are at 3.125%. Conforming mortgage loans are one of the most popular mortgage loan products available to Ohio borrowers with 0.7 to 1% who have good credit and the ability to meet lender guidelines.
Ohio FHA mortgages continue to have low Ohio FHA mortgage interest rates. Current Ohio FHA 30 year fixed rate mortgages are at 4.500% and Ohio FHA 15 year fixed rate mortgages are at 4.000%. Ohio 5/1 adjustable rate mortgages are at 3.125%. Available to Ohio borrowers with low down payment requirements, Ohio FHA mortgage loans have higher FHA closing costs (APR) due to various Ohio FHA fees and the upfront mortgage insurance premium due at closing.
Ohio jumbo mortgage loans are available for borrowers in need of mortgage loans in excess of the conforming loan limit which is $417,000 in most areas and $729,250 in highest cost areas around the country. Available with 0.7 to 1% origination fee, Ohio 30 year fixed jumbo mortgage loans are at 5.125%, Ohio 15 year fixed
jumbo mortgage loans are at 4.750% and Ohio 5/1 adjustable rate mortgages are at 3.875%.
MBS prices (mortgage backed securities) are down today -14/32 (FNMA 30 yr 4.0 at 98.22). This is down from earlier pricing at -10/32. Mortgage rates are driven by MBS prices and move in the opposite direction. As investors await today's Fed announcement and the 5 year auction, markets have been having a volatile session.
Ohio's housing market has shown improvement with housing prices on the increase and the Ohio real estate market showing signs of recovery. This is a great time for Ohio residents to take advantage of low Ohio mortgage loan rates for home purchase or refinancing.
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.
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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