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What a week: mortgage rates hit record lows, then spike

This week Freddie Mac announced a new all time record low 30 year fixed national average mortgage rate of 4.71%, down from 4.78% last week which had tied the all time mark set back in May of this year. Prices of Mortgage Backed Securities were up and down finishing way down during the volatile week.  Mortgage rates move opposite MBS prices. FHA mortgage rates were up from Monday's lows as well. The current FHA 30 year fixed rate is 4.75% at par. Jumbo mortgage rates are up as well from earlier in the week. The current 30 year fixed jumbo mortgage rate is 5.75%. Conforming 30 year fixed mortgage rates are as low as 4.875% at par, up from 4.5% early in the week, which was the lowest point ever.

Wells Fargo mortgage rates sky rocketed this week with their FHA 30 year fixed rate jumping from 5 to 5.5%. Our research of the mortgage industry still shows the best mortgage net branch opportunity is with Supreme Lending. Mortgage refinance activity wasn't up much said the MBA despite record low rates. FreeRateUpdate.com has launched the only mortgage rate widget that displays FHA and Jumbo rates to comliment conforming mortgage rates.

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