West Valley Properties

Low mortgage rates are still available for interested consumers who are willing to take the plunge and grab a great deal while it is here.

Current 30 year fixed mortgage rates are at 4.375%, 15 year fixed mortgage interest rates are at 3.750% and 5/1 ARM loan rates are at 3.000%. For borrowers with good credit, these are the lowest mortgage rates available with 0.7 to 1% origination fee. Many borrowers have been on the fence waiting to see how low mortgage rates will go. Since no one knows when these low mortgage rates will turn around and start heading up, consumers need to make a decision while low mortgage rates are still here.

Todays FHA 30 year fixed mortgage interest rates are at 4.250%, FHA 15 year fixed mortgage rates are at 4.000% and FHA 5/1 ARM loan rates are at 3.375%. FHA mortgage loans have many benefits including a down payment requirement as low as 3.5% which makes it popular with first time home buyers. FHA mortgage loans also allow gifts and state or county housing initiatives which can be used towards the down payment. With sinking home prices and low FHA mortgage rates, many first time home buyers have been able to reach their goals of homeownership. The only downside to FHA mortgage loans is higher FHA closing costs (APR) due to various FHA fees and the upfront mortgage insurance premium.

Current jumbo 30 year fixed mortgage rates are at 5.000%, jumbo 15 year fixed mortgage interest rates are at 4.500% and jumbo 5/1 ARM loan rates are at 3.625%. Available with 0.7 to 1% origination fee, these are the lowest jumbo mortgage rates available to borrowers who have maintained excellent credit. Jumbo mortgage loans are necessary for mortgage financing above the conforming loan limit which is $417,000 to $729,750 depending on the location of the property.

Todays Wells Fargo California 30 year fixed mortgage interest rates are at 4.500% (4.686% APR).

MBS prices (mortgage backed securities) are down -1/32 which is above earlier pricing of -5/32. MBS prices move mortgage rates in the opposite direction. Economic data released today was disappointing as pending home sales for the month of April were down. The Commerce Department reported that while consumer spending increased, annual inflation also rose. Markets are somewhat subdued as the long Memorial Day weekend has already started for many.

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.