4.25% 30 Year Fixed Rate
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Program Rate APR
30-Yr fixed 4.750 % 0.7 to 1
15-Yr fixed 3.750 % 0.7 to 1
5/1 ARM 3.125 % 0.7 to 1
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Mortgage Rates: Continuing Steady In Early March

So far, March mortgage rates continue to reflect the recent downward trend associated with unrest in the Mideast and especially in Libya. The benchmark 30-year fixed mortgage interest rate remains at 4.750%.

15-year fixed mortgage interest rates remain at 3.875%, while that of the 5/1 ARM loan is still at 3.125%. Borrowers with good credit continue to be able to benefit from historically low interest rates with 0.7% to 1% origination point. Conforming fixed rate mortgages are popular among borrowers as they offer set mortgage payments each month for the life of the mortgage.

FHA 30-year fixed mortgage rates remain at 4.500%, and FHA 15-year fixed rate mortgages are holding at 4.000 %. Rates for FHA 5/1 ARM loans are steady at 3.500%. FHA mortgages require lower down payments, making them particularly sought after by buyers. Higher closing costs due to FHA fees as well as an upfront mortgage insurance premium do mitigate this built-in advantage.

Jumbo mortgage 30-year interest rates are holding at 5.375%, while 15-year jumbo mortgage interest rates are also unchanged at 5.250% and Jumbo 5/1 ARM loan rates are still at 3.875%. The rates represent the best jumbo mortgage rates extended on 0.7% to 1% origination fee to borrowers with good credit. Jumbo mortgage loans are those above the conforming loan limit, which is $417,000 to $729,250 depending on locale.

Wells Fargo California rates for 30-year fixed mortgages remain at 4.875% (5.065% APR). Mortgage Backed Securities (MBS) prices remain virtually unchanged (FNMA 30-year 4.5 at 101.28). Prices on the MBS market influence mortgage rates which trend in the opposite direction.

Events in Libya continue to point to an eventual change in regime there, though with fighting which could involve NATO air forces. Further tensions in Bahrain and Yemen add to concerns, though Saudi Arabia seems firm in its support of Bahrain’s Sunni regime against domestic Shiite and Sunni opponents.