My Real Estate Blog

Each time economic data is released or major events happen anywhere in the world, markets react in some way. Lately, markets have been subdued as the reports have been mixed with both good and not so good data, although it has been positive for mortgage rates which keep going lower.

Conforming 30 year fixed mortgage rates started the week at 4.750% and now are at 4.500%. 15 year fixed mortgage rates also dropped by the same .250% and are at 3.750%. 5/1 adjustable mortgage rates are at 3.000%, a drop of .125%. These are the best mortgage rates available with 0.7 to 1% origination fee for well qualified borrowers. After remaining stable for some time, mortgage rates seem to be heading lower at what is usually one of the busiest seasons of the year.

FHA mortgage rates also repriced for the better. FHA 30 year fixed mortgage rates are at 4.250%, and FHA 15 year fixed mortgage rates are at 4.000%, both down .250%. FHA mortgage loans offer a low down payment, but borrowers must be prepared to pay additional FHA fees and an upfront mortgage insurance premium which results in higher FHA closing costs.