Mortgage rates today continued to descend downward reaching 4.625% 30 years fixed. Mortgage rates are at their lowest point in over a month. Prices of RMBS continue to rise (mortgage rates move opposite Residential Mortgage Backed Securities). The benchmark 10 year treasury yield, used to forecast conforming mortgage rates, is down big today. The FHA 30 year fixed mortgage rate remains 4.75%. The conforming 30 year fixed mortgage rate is likely to remain at 4.75% for no longer than a day or two if you take history into account. Jumbo mortgage rates continue to be higher than conforming mortgage rates but historically good. 30 year fixed mortgage rates on true jumbo loans are at 5.75%.
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