West Valley Properties

Todays mortgage rates are sitting at consistent low levels, but could go lower after todays release of disappointing economic news.

Current conforming mortgage rates have remained steady for several weeks. 30 year fixed mortgage rates are at 4.250% and 15 year fixed mortgage rates are at 3.500%. 5/1 ARM loan rates are at 2.750%. These conforming mortgage interest rates are at the lowest levels of 2011 and can be obtained with 0.7 to 1% origination fee by borrowers who have maintained good credit. These borrowers must also meet lender approval by submitting the required documentation for the mortgage loan.

FHA mortgage rates have also been consistently low for some time now. Todays FHA 30 year fixed mortgage interest rates are at 4.250% and FHA 15 year fixed mortgage interest rates are at 3.750%. FHA 5/1 ARM loan rates are at 3.000%. First time home buyers are drawn to FHA mortgage loans for the various benefits they offer. Down payments can be as low as 3.5%, gifts are accepted and credit qualifying is easier. In lieu of these benefits, FHA closing costs (APR) are higher due to various FHA fees and the upfront mortgage insurance premium.

Jumbo 30 year fixed mortgage rates dropped today by .125% and are at 4.875%. Jumbo 15 year fixed mortgage interest rates are at 4.500% and Jumbo 5/1 ARM loan rates are at 3.625%. The current conforming loan limit for a conventional mortgage is $417,000 to $729,750 depending on the location of the property. Jumbo mortgage loans are necessary for mortgage financing above these limits. With outstanding credit, high end borrowers can obtain these lowest jumbo mortgage rates with 0.7 to 1% origination point.

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

MBS prices (mortgage backed securities) are up +15/32 (FNMA 30-yr 4.0 at 101.11) which is above earlier pricing of +10/32. Today has been a volatile day for markets. It was reported earlier today that unemployment claims increased last week and new homes sales decreased for the month of May. These are two key areas that have investors moving to safety as evidenced by the Dow being down 200 points. Since mortgage rates move in the opposite direction of MBS prices, it is possible that repricing may take place and mortgage rates will go lower.

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.