Mortgage Rates: Mortgage Rates Sea Saw – Current 30 Year Fixed 4.625% – FHA, Jumbo Update
By: Ed Ferrara
It’s been another volatile day for mortgage rates. Current mortgage rates are down after an improvement early and a bit of deterioration in the late morning. Prices of Mortgage Backed Securities shot up in the morning causing some lenders to re-price their current mortgage rates for the better. In the late morning though just minutes ago lenders re-priced for the worse back to early morning levels when prices of MBS retreated. Current mortgage rates are still better than yesterday. Mortgage rates move the opposite MBS prices. The benchmark 10 year treasury yield, used to forecast conforming 30 year fixed mortgage rates, is down .062 (-.0620%) overall and is at 3.39 as of 10:18 AM. The Dow is down 102 points. The governement met with major lenders such as Bank of America today to discuss loan modifications and while modifications are up from previous numbers it was announced there will be sanctions and or fines unless those numbers pick up further. There is no economic data set to be released today. Fed chief Bernanke’s comments yesterday suggesting inflation will remain under control strengthened MBS prices helping mortgage rates.
Current Mortgage Rates – Straight from the Rate Sheets
FreeRateUpdate.com research of wholesale lender’s current mortgage rates shows rate moved down then up this morning, but not much. The current conforming 30 year fixed rate is 4.625%, down from 4.75%. The current 15 year fixed rate is 4.125%, down from 4.25% where it’s been most of the past few months. The current 5/1 ARM rate remains 3.75%. The outlook for mortgage rates the rest of the day is unknown. There is a 3 year treasury bond auction this afternoon, unless demand is extremely low or extremely high it’s unlikely to affect mortgage rates.
Current FHA Mortgage Rates, 30-Years Fixed – Better
The current FHA 30 year fixed rate is down to 4.75% from 4.875%. The rate dropped this morning. It’s on the edge of 4.875% so it’s very possible the FHA 30 year fixed rate goes up. We’ll keep you updated.
The current jumbo 30 year fixed rate is unchanged 5.75%
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