Apr. 20, 2010 (FreeRateUpdate.com) – The conventional a.k.a. conforming 30-year fixed mortgage rate edged up from 4.75 to 4.875%. Today’s conforming 15-year fixed-rate remains at 4.25, and today’s 5/1 ARM rate at 3.625. Mortgage rates are up slightly as a result of a drop in mortgage-backed securities prices, which drive mortgage rates their opposite.
mortgage rates remain excellent with FHA 30-year fixed mortgages available at 4.75%. FHA 15-year fixed loans are available at 4.5, and the FHA 5/1 ARM at 3.5. Origination and note rate may be the same or better for FHA loans compared to conforming; however, FHA fees and MI make FHA loans far more expensive.
30-year fixed jumbo mortgage rates, for jumbo loans exceeding jumbo conforming loan limits, are the same today as they’ve been all month with 30-yr fixed jumbo loans available at 5.625.
MBS prices are fairly steady today, down just -2/32. As a result it’s unlikely we see any changes in mortgage rates this afternoon.
The benchmark 10-year treasury yield, used often to forecast 30-year fixed mortgage rates, closed at 3.83 yesterday, down from a recent high of 4.01 Apr. 05th.
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