LOS ANGELES, CA — Feb. 12 (FreeRateUpdate.com) – After a week of declines mortgage-backed securities, which move current mortgage rates in the opposite direction, have posted substantial gains this morning,+8/32 (FNMA 30-yr 4.5 at 100.30) . As a result, current mortgage rates have re-stabilized comfortably under 5% with 30 year fixed 
mortgage rates at par for both conforming Fannie and Freddie products as well as FHA loans at 4.75%. . Mortgage rates have been at this same level for over a week and havent budged for anything, including big swings in stocks. Effecting stocks negatively and indirectly helping MBS prices and mortgage rates was a surprise announcement by China that they’ll be upping reserve requirements for banks in a form of tightening credit. The Dow is down 99.46 points as of 9:01 AM PST. The benchmark 10 year treasury yield, used by many to forecast mortgage rates, is at 3.67, down 0.05 as of 9:02 AM PST. As of right now, while it’s unlikely current mortgage rates change for the good or bad, pricing effecting closing costs has improved. In other words a 4.75% 30 year fixed rate will cost you just a little less than it did yesterday.
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Current Mortgage Rates at Par: Conforming, FHA, and Jumbo Mortgage Rates -
A par rate is what a savvy and qualified consumer will receive with about 1 point in origination on any given day. Par rates are typically 1/4 percent below national averages reported by Bankrate.com and Freddie Mac. Less savvy borrowers often receive rates 1/4 percent higher than what they are well qualified for because they are not aware of the day’s par rates. The banks make huge profits on this. Par rates, not national averages, are the rates consumers should shoot for. Knowing mortgage rates, including Jumbo and FHA mortgage rates at par is a key for consumers.
The current conforming and FHA 30 year fixed rate at par is 4.75%. The current conforming 15 year fixed rate at par is 4.25%. The current FHA 15 year fixed rate at par is 1/4 higher at 4.5%. The current 5/1 ARM rate for both conforming and FHA mortgages is 3.75%. The current jumbo 30 year fixed rate is 5.75%.
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