Todays mortgage rates have adjusted, seeing both increases and decreases as volatility continues to dominate markets in the wake of Washingtons lack of a firm debt ceiling agreement.
Current conforming mortgage rates all increased slightly by .125% today, but still remain low and affordable. 30 year fixed mortgage rates are at 4.375%, 15 year fixed mortgage rates are at 3.500% and 5/1 ARM loan rates are at 2.750%. These are still the lowest mortgage rates available with 0.7 to 1% origination fee for borrowers who have good credit and can produce all other documentation that is required in order to receive lender approval.
While FHA 30 year fixed mortgage interest rates remain at 4.250%, FHA 15 year fixed mortgage interest rates are at 3.500% which is a decrease of .250%. FHA 5/1 ARM loan rates did just the opposite, increased by .250%, and are at 3.250%. FHA encourages homeownership by offering borrowers easier credit qualifying and low down payment options. Popularity for FHA mortgage loans has continued to increase over the past several years even though FHA closing costs (APR) are higher due to various FHA fees and the upfront mortgage insurance premium.
Jumbo mortgage rates also saw some movement today. Jumbo 15 year fixed mortgage rates dropped by .125% and are at 4.375% while jumbo 5/1 ARM loan rates decreased .375% and are now at 3.250%. Remaining the same, jumbo 30 year fixed mortgage rates are at 5.000%. These are the lowest jumbo mortgage rates available with 0.7 to 1% origination point to borrowers who have outstanding credit. Jumbo mortgage loans are necessary for mortgage financing above the conforming loan limit which is $417,000 to $729,750 depending on location.
Todays Wells Fargo California 30 year fixed mortgage interest rates are at 4.625% (4.812% APR).
Mortgage rates, which move in the opposite direction of MBS prices (mortgage backed securities) are vulnerable to market fluctuations. Today, MBS prices are down -6/32 (FNMA 30 yr 4.0 at 100.15). Reports released included Durable Orders for June which showed a decrease. The Mortgage Bankers Association reported that purchase and refinance activity for the week also decreased. The Dow is also down 75 points. Volatility will continue as investors turn their attention to the impending debt ceiling deadline and whether it will be extended.
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.