Current Mortgage Rates 6/4: Mortgage Rates to Record 4.375%
By: Ed Ferrara
June 4, 2010 (FreeRateUpdate.com) – 30 year fixed mortgage rates today dipped to 4.375%, a new record low. 15 year fixed mortgage rates also reached a new record low, at 3.875%. These rates are currently available to well-qualified consumers paying a standard 1 point origination as verified by FreeRateUpdate.com research of over 2 dozen wholesale lenders’ rate sheets for brokers. Today’s 4.375% 30 year fixed rate beats the previous record set twice, once this month, and once back in December of last year.
FHA mortgage rates continue to mirror those of conforming mortgages. Despite similar interest rates on FHA loans being available today at a standard origination fee, FHA fees and MI make FHA loans far more expensive.
The current jumbo 30 year fixed rate remains at 5.375%.
Wells Fargo continues to advertise a 30 year fixed rate of 4.875% on their website, with an APR of 5.065.
Why the improvement in mortgage rates today?
A big drop in the Dow today -324.0 (-3.16%), fueled by a worse than expected jobs report, pushed investors toward bonds helping mortgage rates, which move the opposite direction of bonds. Mortgage-backed securities prices, which move mortgage rates in the opposite direction were up significantly +21/32 (FNMA 30-yr 4.5 at 102.23).
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