Today’s Mortgage Rates 5/25/10: Mortgage Rates Stabilize Further
By: Ed Ferrara
May 25, 2010 (FreeRateUpdate.com) – Current mortgage rates have stabilized further thanks to gains in mortgage-backed securities prices today. MBS prices, which drive mortgage rates in the opposite direction, rose +6/32 (FNMA 30-yr 4.5 at 102.08), enough to stabilize rates at current record lows but not enough to push rates even lower.
Today’s 30 year fixed mortgage rate is solid at 4.5% for well qualified borrowers paying a standard origination fee of about 1 point. Today’s 15 year fixed mortgage rate is 4%. Today’s 5/1 ARM rate is 3.375.
Today’s FHA 30 year fixed mortgage rate is 4.375%. FHA loans come with MI, at 2.25% of the amount financed, and other FHA mandated fees that make closing cost and in turn APR higher.
Today’s jumbo 30 year fixed rate is 5.375%, with borrowers with extremely low LTV’s locking 5.25%.
Wells Fargo, the nations #1 mortgage originator, is advertising on their website a 30 year fixed rate of 4.75 rate with an APR of 4.939.
Today’s rates are at an all time record low and it’ll take a really bad day for MBS prices to move them higher after today’s improvement.
All rates mentioned in this article are available today to well-qualified borrowers paying a standard .07 to 1 point origination as verified by FreeRateUpdate.com research of over 2 dozen wholesale lenders’ rate sheets for brokers.