Current Mortgage Rates 5/18/10: Mortgage Rates Still at Lower Levels
By: Ed Ferrara
May 18, 2010 (FreeRateUpdate.com) – Current mortgage rates are still at lower levels. MBS prices, which drive mortgage rates in the opposite direction, are up again today +11/32 (FNMA 30-yr 4.5 at 101.28), but not up enough to move mortgage rates down further. The Dow is down over 100 points.
The current conforming 30 year fixed mortgage rate remains at 4.625% for well-qualified borrowers paying about 1 point origination. The current 15 year fixed rate is at 4%, down from from 4.125. The current 5/1 ARM rate is 3.5%.
The current FHA 30 year fixed rate remains at 4.5%, an 1/8 below the conforming 30 year fixed rate. Despite FHA loans having similar rates and origination, beware closing costs are much higher due to MI and other FHA fees.
The current 30 year fixed jumbo mortgage rate, for true jumbo loans that exceed the jumbo conforming loan limit, is 5.5%.
All rates mentioned in this article have been verified as being available to well-qualified consumers paying a standard .07 to 1 point origination by FreeRateUpdate.com research of wholesale lenders’ rate sheets for brokers.
Wells Fargo, the leading originator of residential mortgages in the US, is advertising a 30 year fixed rate of 4.875, with an APR of 5.065. Wells Fargo hasn’t changed their advertised 30 year fixed rate this week. – source: Wells Fargo website
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