FreeRateUpdate.com Survey Results: Mortgage Rates Remain Unpredictable

NEWPORT BEACH, Calif., Feb. 2, 2011 /PRNewswire/ -- Mortgage rates continue to remain unpredictable and have seen adjustments in both directions. FreeRateUpdate.com's daily survey of wholesale and direct lenders' rate sheets has shown conforming 30 year fixed mortgage rates ranging from 4.625% to 4.750% this week for borrowers with good credit who pay 0.7 to 1% origination fee. Conforming 15 year fixed mortgage rates have gone from 3.875% to 4.000%.

FHA mortgage rates have remained more consistent. Still below 5%, the most popular FHA 30 year fixed mortgage rates are at 4.500% and FHA 15 year fixed mortgage rates are at 4.000%. FHA mortgage loans continue to be popular with borrowers due to the low down payment requirements and easier credit qualifying.

Jumbo mortgage rates saw fluctuation in both directions. Current 30 year fixed jumbo mortgage rates are at 5.250% after remaining at 5.375% for most of the week and 15 year fixed jumbo mortgage rates are 4.625%, a decrease from 4.750%. For well qualified high end borrowers, these are the best jumbo mortgage rates available with 0.7 to 1% origination fee.

This past week has shown that markets are still experiencing volatility as investors jump from safe assets to stocks and then back again. Daily reports, both positive and negative, continue to affect investor optimism. Last week's weak unemployment report as well as this week's turmoil in Egypt have investors reacting to on the spot reporting.

This week started slow until today's release of strong manufacturing data both in the U.S. and Europe. Causing a boost of investor confidence, the stock market increased while the bond market decreased creating a mixed bag for mortgage rates.

California Mortgage Rates

New Jersey Mortgage Rates

New York Mortgage Rates

Texas Mortgage Rates

SOURCE FreeRateUpdate.com