Despite an increase in builder confidence reported by the National Association of Home Builders through Wells Fargo, mortgage rates stayed low today, remaining unchanged across the board. The increase in home builder confidence marked the fifth consecutive month this figure went up, making it the longest uninterrupted period of improvement in five years.
Conventional or conforming mortgage rates remained exactly the same once again. These conforming loans require that the necessary documents such as bank statements and W2 forms be submitted, download free games for phone and credit scores play a large part in securing low rates. As of today, 30-year fixed mortgage rates, 15-year fixed mortgage rates and 5/1 ARM loan rates are still at 3.50 percent, 2.88 percent and 2.75 percent respectively.
An FHA mortgage, on the other hand, does not take credit score into consideration when determining rates. Low down payments are fairly common for this type of loan, however closing costs for FHA loans are higher than conforming loans. The present rates for FHA 30-year fixed mortgages, 15-year fixed mortgages and 5/1 loans remain at 3.25 percent, 2.75 percent and 2.75 percent.
The only change in yesterday’s mortgage rates was for jumbo 30-year fixed mortgages, which went down to 4.125 percent from 4.25 percent. However, jumbo 15-year fixed mortgages and jumbo 5/1 ARM loans stayed at 3.38 percent and 2.50 percent respectively. In order to qualify for a low rate for this type of loan, excellent credit is mandatory. These are private loans which also require strict compliance in terms of necessary documents.