30-yr fixed mortgage rates dipped last week thanks to gains in mortgage-backed securities prices.  MBS prices, which drive mortgage rates their opposite, were pushed up by investors seeking the safety of bonds. 

The conforming 30-yr fixed rate is at 4.625%, down from 4.75% according to FreeRateUpdate.com research of wholesale lenders' rate sheets.  This rate is available to well-qualified borrwers paying a standard .07 to 1 point origination.  The conforming 15-yr fixed rate is at 4.125%, down from 4.25.

The conforming 5/1 ARM rate is down to 3.5.  FHA mortgage rates have improved as well.  The current FHA 30-yr fixed rate is at 4.5%, an 1/8 lower than the conforming 30-year fixed rate.  Despite having similar ratesand origination fees, FHA loans come with higher costs and APR due to MI, at 2.25% of the amount financed, and other FHA fees.

The current jumbo 30-yr fixed rate, for jumbo loans exceeding the jumbo conforming loan limit, is 5.5%, down from 5.625.  It's speculated the jumbo mortgage market will thaw now that the first private sale of jumbo mortgage securities in over 2 years has taken place (Redwood Trust).

Today's Mortgage Rates- available to well-qualified consumers at a standard .07 to 1 point origination.

 

Ferrara, Ed. "30-Yr Fixed Mortgage Rates Dip for Conforming and FHA Loans." Realty Times. Jody D. Lane, 18 May 2010. Web. 19 May 2010. http://http://realtytimes.com/rtpages/20100518_rates.htm.