FreeRateUpdate.com Survey Results: Mortgage Rates Moving Both Ways
NEWPORT BEACH, Calif., Feb. 16, 2011 /PRNewswire/ -- Mortgage rates moved yesterday in both ways after spending the past week unchanged regardless of the economic data being released. FreeRateUpdate.com's daily survey of wholesale and direct lenders' rate sheets has shown conforming 30 year fixed mortgage rates spent the week at 4.875% and decreased to 4.750% as of yesterday. 15 year fixed mortgage rates stayed at 4.250% for the same period and also moved down to 4.125%. For well qualified borrowers, these are the best mortgage rates available with 0.7 to 1% origination fee.
FHA fixed mortgage rates have gone unchanged while FHA 5/1 adjustable mortgage rates increased yesterday from 3.500% to 3.625%. FHA 30 year fixed mortgage rates are at 4.625% and FHA 15 year fixed mortgage rates are at 4.000%. Still below 5%, FHA mortgage loans continue to offer various benefits to borrowers, such as lower down payment requirements, but also charges an upfront and monthly mortgage insurance premium.
15 year fixed jumbo mortgage rates stayed at 5.000% but saw a large increase of .250% yesterday and is currently at 5.250%. 30 year fixed jumbo mortgage rates remain at 5.500% and jumbo 5/1 adjustable mortgage rates are at 4.125%, both seeing no movement for the week.
MBS prices (mortgage backed securities) continued their roller coaster ride as any economic data released or worldwide event is likely to cause a rally. Mortgage rates move in the opposite direction of MBS prices. This past week's report of lower unemployment claims did not move MBS prices, yet the unrest in Egypt brought on Friday's rally. Although MBS prices have moved slightly up and slightly down, they have basically remained unchanged.
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.
CONTACT: Edward J. Ferrara III |
|
Office Phone: (714) 694-5914 |
|
Email: [email protected] |
|
SOURCE FreeRateUpdate.com
Share this article