Fannie Mae and Freddie Mac backed mortgage products saw improvements in interest rates this week. Freddie Mac said yesterday in their weekly mortgage survey results that average 30 year fixed conforming mortgage rates improved falling to 5.07% from 5.14% the previous week. 30 year fixed conforming mortgage rates are still up big from all time record lows. Freddie reported a 4.71% average 30 year fixed rate just before the holidays, that was a record low.
Mortgage par rates were down this week according to FreeRateUpdate.com research of wholesale lender's rate sheets. Free Rate says 30 year fixed mortgage rates at par dropped from 5.125% on Monday to close the week at 4.875%. 15 year fixed mortgage rates dipped to 4.25% from 4.375%. 5/1 ARM mortgage rates dropped from 4% to 3.875%.
FHA mortgage rates are about the same as conforming mortgage rates currently.
Jumbo mortgage rates are down as the 30 year fixed jumbo mortgage rate sits at 5.75%.