Current low mortgage rates are holding on today as Euro zone talks resumed in Brussels with Germany and France pushing for an agreement between Greece and its creditors that will reduce its debt to reasonable levels. With no other economic data being released today, markets are quietly awaiting more updates from Europe.
Pending Home Sales for December will be released on Wednesday. With many consumers taking advantage of these persistent low mortgage rates, other housing data has been improving. Todays 30 year fixed mortgage rates are at 3.500%, 15 year fixed mortgage interest rates are at 2.875% and 5/1 ARM loan rates are at 2.250%. Having good credit and qualifications is essential to be obtain these low mortgage rates with 0.7 to 1% origination point. Long term employment will need to be documented and verified, as well as, evidence of a reasonable amount of assets to cover the mortgage requirements. Conforming mortgages require full documentation that may include specifically requested material in order to receive lender approval.
Current FHA 30 year fixed mortgage interest rates are at 3.250%, FHA 15 year fixed mortgage rates are at 2.750% and FHA 5/1 ARM loan rates are at 2.750%. FHA mortgages offer borrowers easier credit qualifying as they continue to promote affordable homeownership for all consumers. FHAs mortgage loan limit was increased back to $729,750 depending on the location of the property. With this move, FHA is now reaching out to all borrowers from low and middle income to higher income individuals and families. With a variety of mortgage products available, such as rehab and energy efficient loans, FHA makes it easier for borrowers to both purchase and improve a home with one mortgage. Although FHA closing costs (APR) are higher than conforming mortgages because of the upfront mortgage insurance premium and other FHA fees, these costs can be incorporated into the mortgage.
Todays jumbo 30 year fixed mortgage interest rates are at 4.250% which is an increase of .125% from last week. Jumbo 15 year fixed mortgage rates are at 3.375% and jumbo 5/1 ARM loan rates are at 2.500%. With excellent credit, borrowers can obtain these lowest jumbo mortgage rates with 0.7 to 1% origination fee. Jumbo mortgages are required for mortgage financing above the conforming and FHA loan limits. Since jumbo mortgages are considered riskier than conforming mortgages, lenders generally require larger down payments and additional months of reserves which must be documented.
Current Wells Fargo California 30 year fixed mortgage interest rates are at 4.000% (4.180% APR).
MBS prices (mortgage backed securities), which move mortgage rates in the opposite direction, are down -1/32 (FNMA 30 yr 3.5 at 102.21) which is higher than earlier pricing of -5/32. Stocks moved lower after starting the day on a positive note. Until the Feds meeting on Wednesday and other economic data releases, investors will be watching news from Europe for any definite developments coming out of the current meetings.
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.