30 Year Fixed Mortgage Rates Rise to 4.875%

Conforming and FHA 30 year fixed mortgage rates rose last week, according to FreeRateUpdate.com. 30 year fixed rates had been at 4.75% for quite some time. The jumbo 30 year fixed rate remains 5.75%, though lower rates are available for extremely low LTV's.

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Mortgage Rates Steady Ahead of Bernanke Fed Text Announcement

Mortgage rates are holding steady ahead of an announcement by Fed chief Bernanke which will give some details of their exit strategy. Bernanke will outline broadly how and when they will raise interest rates as well as tighten credit. The Fed will also talk about their exit from the MBS market. They've been purchasing MBS keeping mortgage rates low and credit available. FHA and Conforming 30 year fixed mortgage rates are just above all time record lows at 4.75%. The Fed announcement will come in form of a text due to the snow in D.C.

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Mortgage Rates at Risk

Mortgage rates for Fannie Mae and Freddie Mac backed products, conforming loans, are at risk to go up following this morning's significant decline in mortgage backed securities prices which drive mortgage rates in the opposite direction. 30 year fixed mortgage rates for Fannie and Freddie backed conforming loans opened the day at 4.75%. FHA 30 year fixed rates also opened at 4.75%.

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