Todays lowest mortgage rates are seeing little movement as stocks increase after a strong earnings report from IBM.

Remaining stable, 30 year fixed mortgage rates are at 4.250% and 15 year fixed mortgage rates are at 3.375%. 5/1 ARM loan rates are at 2.625%. In order to receive these low mortgage rates with 0.7 to 1% origination point, borrowers must have good credit. Other documentation, such as verifiable income and assets, is also required in order to be approved by lenders. Conforming mortgages also have higher down payment requirements than FHA mortgages, but overall closing costs tend to be lower.

Current FHA mortgage rates continue to remain steady, but still competitive with conforming mortgage rates. FHA 30 year fixed mortgage interest rates are at 4.250% and FHA 15 year fixed mortgage interest rates are at 3.750%. FHA 5/1 ARM loan rates are at 3.000%. FHA closing costs (APR) do tend to be higher because of the upfront mortgage insurance premium and other FHA fees, but borrowers can receive several benefits with FHA mortgage loans. Down payments as low as 3.5% are acceptable with a credit score as low as 580. Housing grants and approved gifts can also be combined with FHA loans which makes them very popular with first time home buyers.

Increasing today .125%, jumbo 30 year fixed mortgage rates are at 5.000%. Jumbo 15 year fixed mortgage rates are at 4.500% and jumbo 5/1 ARM loan rates are at 3.625%, both remaining the same. With these persistent low jumbo mortgage rates, jumbo mortgage loans have been on the rise as borrowers seek high end properties at reduced costs. With excellent credit, these are the lowest jumbo mortgage rates available with 0.7 to 1% origination point to borrowers who have excellent credit and can meet lender approval.

Current Wells Fargo California 30 year fixed mortgage rates are at 4.625% (4.812% APR).

MBS prices (mortgage backed securities) are up +2/32 (FNMA 30 yr 4.0 at 100.20) which is higher than earlier pricing of -4/32. Mortgage rates move in the opposite direction of MBS prices. Increased earnings for IBM moved investors to the stock market today. Better than expected housing starts in June also increased optimism that the economy is moving in the right direction. Nonetheless, volatility continues as the debt ceiling draws closer and European markets continue to struggle.

FreeRateUpdate.com surveys more than two dozen wholesale and direct lenders’ rate sheets to determine the most accurate mortgage rates available to well qualified consumers at a standard .07 to 1% point origination fee.