Mar. 2, 2010 — (FreeRateUpdate.com) – Mortgage rates today are flat thanks to unchanging MBS prices. Prices of mortgage-backed securities move mortgage rates in the opposite direction. The Dow was also flat today, moving just over 2 points. The benchmark 10 year treasury yield, used by many to forecast mortgage rates, moved -0.01 to 3.60. When mortgage rates hit record lows last October the yield dipped below 3.2. Many economist forecast the yield will move upwards of 4 by the end of this year.
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Current 30 year fixed rates for both conforming and FHA mortgage rates remain at 4.75. Last Thursday Freddie Mac (FRE) reported in their weekly survey results 30 year fixed mortgage rates moved up over 5%. This is not entirely accurate. Better mortgage rates have been available for well-qualified consumers and actually late last week mortgage rates declined by an 1/8.
Adjustable mortgage rates are super low. Conforming and FHA 5/1 ARM rates are available as low as 3.625 at par. That means you can get a 3.625 interest rate with about 1 point origination. Of course on an FHA loan you’re looking at MI and other FHA fees.
FreeRateUpdate.com researches over 2 dozen wholesale mortgage lenders’ rate sheets to determine the rates associated with about 1 point origination. The rates we report, known in the mortgage industry as “par rates”, are typically at least 1/4 below national averages reported by Bankrate and Freddie Mac.
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