On the Fence? If you are wondering if this is a good time to buy your first home, read this!

Never before have mortgage rates been this low. 30-yr fixed mortgage rates are at 4.25% for well-qualified consumers paying a standard .07 to 1 point origination fee shows FreeRateUpdate.com research of wholesale lenders’ rate sheets for brokers. 15-yr fixed mortgage rates, also at a record low, are at 3.75%.

A $250,000 30-year fixed mortgage at an interest rate of 4.25% has a monthly principal and interest payment of just $1,229.85 per month.

FHA mortgage rates today are nearly identical to those of conforming mortgages. Today’s FHA 30-yr fixed rate is also 4.25%. That being said, MI and other FHA fees make the APR (closing costs) higher on an FHA loan, even with the same note rate.

Today’s jumbo 30-yr fixed rate remains at 5.25%. Jumbo mortgage rates are also at a record low.

Wells Fargo is advertising a conventional 30-yr fixed-rate of 4.625% today, with an APR of 4.812%. (source: Wells Fargo Website)

Mortgage-backed securities prices, which drive mortgage rates in the opposite direction, were up significantly yesterday, helping to stabilize mortgage interest rates at their current record low. It’s possible we could see even lower rates as the week goes on.

From RealtyTimes by Ed Ferrara

Published: June 30, 2010