About the Author
Edward James Ferrara III spent 8 years (2001-2008) brokering and banking home loans in Orange County, CA to the tune of some 500 million dollars in mortgages funded by May of 2008, when he founded the rate research website FreeRateUpdate.com, now a unique authority on mortgage rates. Ed recently married and became a first time father (Edward James Ferrara IV). Ed also contributes to RealtyTimes.com (syndicated on Yahoo Real Estate). To contact Ed, email him or call (714) 694-5914.
Conventional 30-yr fixed mortgages are available at 4.875% today to well-qualified consumers paying a standard .07 to 1 point origination, up 1/8 from yesterday, says rate research website FreeRateUpdate.com.
Conventional 15-yr and 5/1 ARM rates also rose slightly yesterday.
Jumbo 30-yr fixed rates are available today at 5.625% (requirements include A LOT of equity or large down payment).
FHA mortgage rates continue to be similar to those of conventional (conforming a.k.a. Freddie Mac and Fannie Mae insured) mortgages. FHA loans carry higher fees, including MI, a premium charged at closing, currently 1.75% of the amount financed but soon to be 2.25%. The increase, which will make FHA loans significantly more costly, takes place April, 05.
Mortgage-backed securities, which drive mortgage rates in the opposite direction, took a plunge yesterday moving downward -29/32.
The benchmark 10-yr T-yield, used regularly to forecast mortgage rates, spiked to 3.83%.
All rates in this article are available today to well-qualified consumers paying a standard .07 to 1 point origination.
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