Current Mortgage Rates 5/05/10: Mortgage Rates Solid at Current Levels
By: Ed Ferrara
May 05, 2010 (FreeRateUpdate.com) – Mortgage rates are solid at current levels. Current 30-yr fixed mortgage rates don’t look to be headed up in the immediate future. The current 30-yr fixed rate remains at 4.75, down from 4.875 earlier this week. The current 15-yr fixed rate remains at 4.25%. The current 5/1 ARM rate is still 3.625. These rates are available at a standard origination fee of about 1 point as verified by FreeRateUpdate.com research of wholesale lenders’ rate sheets.
FHA mortgage rates, also solid, haven’t seen movement for weeks. The current FHA 30-year fixed rate is the same as that of the 30-year conforming mortgage, 4.75%. The current FHA 15-year fixed rate is 4.5%. The current FHA 5/1 ARM rate is 3.625%. FHA loans do come with higher closing costs than a conforming mortgage because of MI and other FHA fees charged exclusively on FHA loans.
The current jumbo 30-year fixed rate remains at 5.625%.
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Mortgage-backed securities prices, which drive mortgage rates in the opposite direction, are up today+8/32 (FNMA 30-yr 4.5 at 101.05). Concerns over the Greece debt situation continue to help mortgage rates as investors seek the safety of bonds while stocks fall. Any further gains in MBS prices could push rates down.