West Valley Properties

Todays mortgage rates are hanging on to lowest pricing even after negative data releases which are creating mixed reactions among investors.

Clinging to previous pricing for several weeks, current 30 year fixed mortgage rates are at 4.250%, 15 year fixed mortgage rates are at 3.500% and 5/1 ARM loan rates are at 2.750%. Borrowers with good credit are still able to obtain these low mortgage rates with 0.7 to 1% origination fee. Other documentation that is necessary for lender approval must also be available. Despite the fact that these lowest mortgage rates are still available, the Mortgage Bankers Association reported that mortgage applications were down for the fourth week in a row.

Todays FHA 30 year fixed mortgage rates are at 4.250%, FHA 15 year fixed mortgage rates are at 3.750% and FHA 5/1 ARM loan rates are at 3.000%. Although FHA mortgage rates are similar to or slightly higher than conforming mortgage rates, FHA mortgages offer more benefits to borrowers. Easier credit qualifications and low down payment requirements are the main factors that draw borrowers to FHA mortgage loans. Even though FHA closing costs (APR) are higher due to various FHA fees and the upfront mortgage insurance premium, FHA mortgages are still the most popular in todays mortgage market.

Remaining the same today, jumbo 30 year fixed mortgage interest 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%. These jumbo mortgage rates have been consistently low considering that they are necessary for high end mortgage loans above the conforming loan limit. With excellent credit, borrowers can obtain these low jumbo mortgage rates with 0.7 to 1% origination point.

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

Markets have been reacting to several events happening today. MBS prices (mortgage backed securities) are down -4/32 which is lower than earlier price of -3/32. The stock market started to move higher earlier this morning with news of Chinas positive economic growth. Import prices declined for the first time since June 2010. Ben Bernanke reported in his testimony that they are ready to take action with additional stimulus, if necessary, which is helping to keep investors turned to stocks today. Regardless, there is may still be the debt ceiling deadline hanging over markets for the remainder of the week.

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.