Today’s Mortgage Rates 6-2: Mortgage Rates Stand Still
By: Ed Ferrara
Jun. 2, 2010 (FreeRateUpdate.com) – Mortgage rates today stood still at record lows. Today’s conventional 30 year fixed mortgage rate is unchanged at 4.5% for well-qualified consumers paying about 1 point origination. Today’s 15 year fixed rate is also unchanged at 4%.
FHA mortgage rates are unchanged and continue to mirror conforming rates. Despite the same note rates, APR on FHA loans is considerably higher because of MI, at 2.25% of the amount financed due at closing, and other FHA fees.
Today’s 30 year fixed jumbo mortgage rate remains at 5.375%, a record low.
Because of the low interest rates, refinance rate requests have been up. Due to the expiration of the home-buyer tax-credit, purchase rate requests have been down considerably despite the lower rates.
Wells Fargo continues to advertise a 30 year fixed rate of 4.875 with an APR of 5.065 on their website.
Mortgage-backed securities prices, which drive mortgage rates in the opposite direction, are down -1/32 (FNMA 30-yr 4.5 at 102.03) today, not enough to move mortgage rates.
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