Current Mortgage Rates 6/1/10: Mortgage Rates Back to 4.5
By: Ed Ferrara
June 1, 2010 (FreeRateUpdate.com) – Current mortgage rates are down from last Thursday afternoon. The current 30 year fixed mortgage rate is back to 4.5% for well-qualified borrowers paying a point origination. 30 year fixed mortgage rates were up (4.625%) from recent record lows for all of 24 hours before dropping back down. The current 15 year fixed rate remains at 4%, and the current 5/1 ARM rate at 3.5%.
FHA mortgage rates are now the same as conforming rates, breaking the recent trend of being slightly better. Despite similar rates and origination, FHA loans come with a higher APR due to MI and other FHA fees charged at closing.
The current jumbo 30 year fixed rate is still 5.375%, matching an all time low.
Wells Fargo, who originates more residential mortgages than any other lender, is advertising a 30 year fixed rate of 4.875% today with an APR of 5.065 on their website. Wells Fargo mortgage rates are unchanged from last week.
FreeRateUpdate.com researches over 2 dozen wholesale lenders’ rate sheets on a daily basis to determine the most accurate rates available to well-qualified borrowers paying about a point origination. These rates are commonly referred to in the mortgage industry as “par rates”.
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