Prices on Residential Mortgage Backed Securities declined today. Mortgage rates, which move the opposite RMBS prices, remained just below 5 percent. FreeRateUpdate.com research of wholesale mortgage lender’s rate sheets shows 30 year fixed mortgages available for qualified borrowers as low as 4.875 percent at par as of 4:34 pm PST. Par rates are the lowest interest rates available without the requirement by the lender for the borrower to pay additional points and fees. As a result of the decline in price of residential mortgage backed securities today it’s likely mortgage rates will go higher.
The 10 year treasury yield, an indicator of conforming 30 year fixed mortgage rates rose 0.0790 (2.27%) overall and closed at 3.55 percent, it’s highest level in over a month. No major economic reports were released today. The Fed begins 2 year treasury auctions tomorrow of which could affect bonds and in turn mortgage rates. Also tomorrow Consumer Confidence will be released.
Today’s Mortgage Rates
Our research of today’s mortgage rates according to wholesale lender’s mortgage rate sheets shows the following:
- Current 30 year fixed mortgage rates as low as 4.875 percent at par
- Current 15 year fixed mortgage rates as low as 4.35 percent at par
- Current 5/1 adjustable rate mortgage rates as low as 3.75 percent at par
Par rates are the lowest available interest rates offered by a lender without the requirement by the borrower to pay additional points above and beyond regular closing costs.
About the Author. Contributing writer Edward J Ferrara III has has over 8 years of experience in both mortgage brokering and banking of loans. Ed's transferred his passion for mortgage to his articles on mortgage rates posted daily on FreeRateUpdate.com. Contact Ed by phone at (714) 694-5914 or Email him. 
