West Valley Properties

A new week has started and persistent low mortgage rates are carrying over which continues to be positive news for consumers who are in the market to borrow.

With conforming mortgage rates at the lowest for 2011, consumers have several options when choosing their mortgage financing. Todays 30 year fixed mortgage interest rates are at 4.250%, 15 year fixed mortgage interest rates are at 3.375% and 5/1 ARM loan rates are at 2.625%. As long as good credit has been maintained, borrowers can obtain these low mortgage rates with 0.7 to 1% origination fee. Lenders also require other relevant documentation that will need to be provided in order to receive approval.

Another option available are FHA mortgage loans that have continued to offer low FHA mortgage rates along with other benefits. Current 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%. With a credit score as low as 580, borrowers can have a down payment as little as 3.5%. Gifts that meet FHA guidelines can also be used. FHA mortgages also work well with housing grants that are offered through local or state housing agencies. These benefits outweigh the higher FHA closing costs (APR) that are due to various FHA fees and the upfront mortgage insurance premium.

It continues to be a great opportunity for high end borrowers shopping for low jumbo mortgage rates which are currently below 5%. Todays jumbo 30 year fixed mortgage rates are at 4.875%, jumbo 15 year fixed mortgage rates are at 4.500% and jumbo 5/1 ARM loan rates are at 3.625%. To receive lender approval for these lowest jumbo mortgage rates with 0.7 to 1% origination point, borrowers need excellent credit and any other documentation that is requested. Jumbo mortgage loans are those above the conforming loan limit which is currently $417,000 to $729,750 depending on the location of the property.

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

Markets continue to be volatile as the impending deadline date for the debt ceiling gets closer. MBS prices are down -7/32 which is lower than earlier pricing +1/32. Mortgage rates move in the opposite direction of MBS prices. Homebuilder confidence, which has been consistently low, has improved in July which is positive news for that industry. Investors continue to monitor the European debt situation, as well as what is going to happen with the debt ceiling here at home which is evident with the Dow down 120 points.

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.