Figures from the Primary Mortgage Market Survey of Freddie Mac are indicating a similar trend to the presently low mortgage rates. Today’s rates still remain firm, and these low rates are a boon to the struggling US housingmarket, as it gradually rebounds from its struggles.

Conforming loan rates were just as they were for the past few days. 30-year fixed mortgage rates are presently at 3.50 percent, while 15-year fixed mortgages at 2.88 percent and 5/1 ARM loans at 2.75 percent.

Verification of steady employment is required, same with bank statements and a good credit rating in order to qualify for the lowest possible rates. Present homeowners can take this opportunity to refinance with the current loan rates and at the moment, applications for refinancing are increasing steadily. This would also be a good chance for prospective buyers to take advantage of the low rates.

FHA mortgages, which does not factor in one’s credit score and generally offers lower down payments, also remained steady today. 30-year fixed mortgages, 15-year fixed mortgages and 5/1 ARM loans are still pegged at 3.25 percent, 2.75 percent and 2.75 percent respectively.

For jumbo mortgage rates, which can be obtained if one has a very good credit standing, there was a slight increase for 30-year fixed mortgages. These mortgages went up to 4.25 percent from yesterday’s 4.12 percent. Jumbo 15-year fixed mortgages and 5/1 ARM loans, however, were steady at 3.38 percent and 2.50 percent respectively. Mortgage-backed security prices dipped slightly by -13/32 based on Fannie Mae’s index.

No related posts.