Current Mortgage Rates: Mortgage Rates are Stable as Fed Says Low Rates and Treasury Purchases

Current Mortgage Rates are Stable: FHA | Conforming

Current mortgage rates are stable as the Fed announced they'll buy the full amount of treasuries as planned winding down that program in October and will keep the fed rate exceptionally low for an extended period of time.

The stock market posted big gains as the Dow finished the day at 9361.61 up 120.16 while the benchmark treasury yield a leading indicator for fixed mortgage rates went up a tad to 3.72. 

30 year fixed mortgage rates are as low as 5% with zero buy down points (extra points paid to lower the rate) today according to FreeRateUpdate.com's research of wholesale mortgage lender's rate sheets. A 15 year fixed mortgage could be obtained at 4.5% with no buy down points.

FHA Mortgage Rates

Data was released today showing the average price of a existing single family home dropped to $176,00 last quarter. It was the biggest quarter drop since 1979. Most of that drop occurred in the first month of the second quarter. Home afford-ability is super high currently and FHA loans are being used to buy homes with little money down and a $8,000 tax credit applicable toward closing fees.

Jumbo Mortgage Rates

The biggest problem area in lending continues to be the higher end market. Jumbo Loans are very tough to qualify for if the loan amount is over the Jumbo Conforming limits. If you are able to qualify interest rates are available in the 5's.

Here's an entertaining yet accurate mortgage rate prediction from the self proclaimed mortgage psychic for this week. 

 Mortgage Rates Current  where Banks and Brokers post their rates Daily.

Other notes: My research into mortgage net branch programs still determines the best is Supreme Lending. FreeRateUpdate.com now offers a free mortgage rate widget so if you have a website you can display mortgage rates free to your visitors.