Monday, December 20, 2010

Mortgage Rates Improve at the start of New Week 12/20/10

December 20, 2010

After last week’s fluctuations in mortgage rates, this week has started on a good note with mortgage rates seeing overall improvements in pricing.

All of the current conforming mortgage rates have dropped .125% from Friday. Today’s 30 year fixed mortgage rate is 4.750%, the 15 year fixed mortgage rate is 4.125% and the 5/1 ARM is 3.250%. These are the best mortgage rates available with 1% origination point to borrowers who have maintained excellent credit and approval status.

Today’s FHA 30 year fixed mortgage rate is 4.500% which is .125% lower than last week and still slightly lower than the 30 year conforming mortgage rate. The 15 year FHA fixed mortgage rate is 4.000% and the FHA 5/1 ARM is 3.250%, both remaining the same from last week. FHA mortgages have higher closing cost (APR) due to applicable FHA fees and an upfront mortgage insurance premium charged at closing.

Jumbo mortgage rates had mixed results today. Today’s 30 year jumbo mortgage rate is 5.250%, which is a decrease of .250%. The current 15 year jumbo mortgage rate remains the same at 5.000%. The jumbo 5/1 ARM is 4.125%, which is an increase of .125%.

Today’s Well’s Fargo Oklahoma 30 year fixed mortgage rate also saw improvement and is currently 4.875% (5.065% APR) which is a decrease of .125%.

MBS (mortgage backed securities) prices are up today +9/32 (FNMA 30 yr 4.5 at 102.11), approximately 28/32 higher than Friday. Mortgage rates are driven by MBS prices and move in the opposite direction. While the end of December is normally an unpredictable period, the first half of this month has already proved to be erratic with prices that have fluctuated in both directions.

ZFG Mortgage surveys more than a dozen wholesale and direct Oklahoma lenders’ rate sheets to determine the most accurate mortgage rates available to well qualified consumers at a standard 1 point origination.

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