CONSUMER ALERT-Mortgage Rates 6/10: Mortgage Rates Rising Fast
By: Ed Ferrara
June 10, 2010 (FreeRateUpdate.com) RATE ALERT – Mortgage rates are rising fast on positive economic data. Worries over European debt eased, jobs numbers came in higher than expected, and China reported a monster increase of exports and imports. Investors dropped bonds seeking bigger profits in stocks sending mortgage-backed securities prices, which drive mortgage rates in the opposite direction, way down -25/32 (FNMA 30-yr 4.0 at 99.16).
30-year fixed mortgage rates, which reached a record low rate of 4.375% and held their for days, have risen 1/8 to 4.5% for well-qualified consumers paying a standard .07 to 1 point origination. 15-year fixed mortgage rates have held remaining at a record low rate of 3.875%.
30-year fixed FHA mortgage rates continue to match those of conforming mortgages. Despite the same note rate as a conventional 30-year fixed mortgage, FHA loans have a higher APR due to MI and other FHA fees not charged on a standard mortgage.
Jumbo mortgage rates haven’t moved yet and today’s 30-year fixed jumbo loan rate remains at 5.375%
These rates are available to well-qualified consumers today at a standard .07 to 1 point origination as verified by FreeRateUpdate.com research of wholesale lenders’ rate sheets for brokers.
Wells Fargo, the number one originator of mortgages by volume, is offering on their website a 30-year fixed-rate of 4.75 with an APR of 4.939%. Wells Fargo’s 30-year fixed mortgage rates are unchanged from yesterday.
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