SOURCE: FreeRateUpdate.com LLC

mortgage rates

February 10, 2010 15:00 ET

Current Mortgage Rates and Why You Should Pay Attention to Mortgage Rates at Par - FreeRateUpdate.com

LOS ANGELES, CA--(Marketwire - February 10, 2010) - A par rate is what a savvy and qualified consumer will receive on any given day with a standard 1 point in origination. Par rates are typically 1/4 percent below national averages reported by Bankrate.com and Freddie Mac. Less savvy borrowers often receive rates 1/4 percent higher than what they are well qualified for because they are not aware of the day's par rates. The banks make huge profits on this. Par rates, not national averages, are the rates consumers should shoot for. Knowing mortgage rates, including FHA mortgage rates, at par is a key for consumers looking to lock in the best possible deal on a mortgage refinance or home purchase loan.

FreeRateUpdate.com (http://www.freerateupdate.com/) researches over 2 dozen wholesale lender's rate sheets and reports on mortgage rates at par on a daily basis.

Current mortgage rates are at a slight risk to go up. Prices of residential mortgage-backed securities, which move mortgage rates in the opposite direction, are down -7/32 (FNMA 30-yr 4.5 at 100.17) as of 10:10 AM PST.

Current Mortgage Rates at Par:

Conforming 30 year fixed rate - 4.75%
Conforming 15 year fixed rate - 4.25%
Conforming 5/1 ARM rate - 3.75%
FHA 30 year fixed rate - 4.75%
FHA 15 year fixed rate - 4.50%
FHA 5/1 ARM rate - 3.75%
Jumbo 30 year Fixed rate - 5.75%

Source: http://www.freerateupdate.com/

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