Current Mortgage Rates: 5/13/10: Nothing New, Mortgage Rates Solid
By: Ed Ferrara
May 13, 2010 (FreeRateUpdate.com) – Nothing new today on the mortgage rates front. Current mortgage rates are unchanged and solid. Mortgage-backed securities prices, which drive mortgage rates in the opposite direction, are up +5/32, but not enough to move mortgage rates down. Freddie Mac reported today in their weekly survey results that the “average” 30 year fixed rate dipped to 4.93% this week; however, FreeRateUpdate.com research shows 30-year fixed mortgages were available at 4.75% all week for well-qualified borrowers paying a point origination.
The current 30-year fixed mortgage rate remains at 4.75%. The current 15-year fixed rate remains at 4.25%. The current 5/1 ARM rate remains at 3.625%.
The current FHA 30-year fixed rate also is at 4.75%, unchanged. The current FHA 15-year fixed rate is at 4.5%.
The current jumbo 30-year fixed rate remains at 5.625% and hasn’t changed recently.
Wells Fargo, the nations #1 originator volume wise, is offering a 30 year fixed rate of 4.875% with an APR of 5.065, the same as yesterday.
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