Categorized | Finance and Mortgage

Mortgage Rate Roundup: Low Rates Continue

Mortgage Rate Roundup:  Low Rates Continue
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Mortgage rates continue to stay at the lowest rates this year. Current 30 year fixed rates are at holding strong at the low of 4.375%. 15 year fixed mortgage rates are at a 3.750%. 5/1 ARM mortgage rates are at a dismal 3.00%. These rates are only for borrowers who have good credit (normally 700+ FICO score) and require a 0.7 to 1% origination fee to obtain these rates.

FHA rates are still at a 30 year fixed mortgage rate low of 4.250%. FHA 15 year fixed interest rate are at 4.000% while the 5/1 FHA ARM loans are sitting at 3.375%. FHA mortgages are still very popular since their credit qualifying requirements are less strict then a traditional mortgage and down payments as low as 3.5%. FHA loans do come with FHA origination fees and upfront mortgage insurance premiums (PMI).

In the jumbo mortgage world 30 year fixed rates decreased by .125% and are settling in at 5.00%. 15 year jumbo rates are at 4.50%. 5/1 ARM jumbo rates are at 3.625%. Jumbo rates continue to stay at this level and are available to borrowers with outstanding credit and 0.7 to 1% origination fees.

Currently Wells Fargo California 30 year fixed mortgage program rates are settled at 4.625% or 4.812% APR.

Mortgage backed securities (MBS) rose 8/32. Mortgage backed securities move in the opposite direction of mortgage rates. European debt concerns continue to affect markets as the US stock market continues to drop.

Mortgage rates are expected to stay at these low rates with current economic data and no major world events to push them in either direction.

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About Drew Wilson

Drew focuses on the Commercial and Mortgage/Finance categories.

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