Mar. 25, 2010 (FreeRateUpdate.com) – Today’s mortgage rates are rising. Current 30-yr fixed mortgage rates are available at 4.85% to well-qualified consumers paying a standard .07 to 1 point origination.
15-yr fixed rates are at 4.25 and 5/1 ARM rates at 3.75. Both rates are up an 1/8 from earlier in the week.
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FHA loan rates continue to be similar to those of conforming mortgages; however, closing costs associated with those rates are much higher. MI, the biggest cost associated with an FHA loan will be raised from 1.75 to 2.25 percent of the amount financed on April, 05 2010.
Jumbo 30-yr fixed rates are hanging onto 5.625.
Mortgage-backed securities prices, which move mortgage rates in the opposite direction, are down the second consecutive day (FNMA 30-yr 4.5 at 99.30). As a result it’s possible 30-yr fixed mortgage rates today move to 5%.
The benchmark 10-yr treasury yield, used by many to forecast mortgage rates, is up significantly again today and at 3.92%.
Higher rates are not a good thing as we’re just days now from the FED exit from the MBS purchasing program. The purchases are considered the reason why rates went so low and stayed that way. Rates weren’t necessarily supposed to rise until after the stoppage.
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