Current Mortgage Rates 05/12/10: 30-Year Fixed Rate at 4.75
By: Ed Ferrara
May 12, 2010 (FreeRateUpdate.com) – Current mortgage rates, as has been the case for over a month, are stable and unchanged. Mortgage-backed securities prices, which drive mortgage interest rates in the opposite direction, are down just slightly -3/32, not enough to move mortgage rates. Mortgage rates are feeling a bit of pressure as the stock market rallies, the Dow is up over 80 points today. Typically when stocks perform well, investors move from bonds to stocks hunting bigger profits, hurting mortgage rates.
The current 30 year fixed rate remains at 4.75% for well qualified borrowers willing to pay a standard .07 to 1 point origination. The current 15 year fixed rate remains at 4.25%. The current 5/1 ARM rate remains at 3.625%. Demand for adjustable rate mortgages are at a record low.
The current FHA 30 year fixed rate remains at 4.75%, same as conforming. Other FHA rates include the 15 year fixed, at 4.5%, and the 5/1 ARM at 3.625%. Despite interest rates available on FHA loans, at about the same level as conforming loans, closing costs are higher because of MI and other FHA fees.
The current jumbo 30 year fixed rate remains at 5.625%, with slightly better rates available for borrowers with an extremely low LTV.
Wells Fargo, the nations largest mortgage lender in volume, is advertising a conventional 30 year fixed mortgage at a rate of 4.875%, with an APR of 5.065.
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