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Mortgage Rates Continue Downward Slide

Mortgage rates have improved further with a decrease of 0.125 percent in conforming 15 year fixed mortgages and 5/1 ARM loans. This is the result of a survey made by an online service provider for the week just ended. The rates for other categories of loans did not show any significant drop and remained more or less steady throughout the week.

Here is a quick look at the current mortgage rates for different kinds of mortgages.

Conforming Loans:

30 Year Fixed 4.750%
15 Year Fixed 3.875%
5/1 Adjustable Rate Mortgage 3.125%

FHA Mortgages:

30 Year Fixed 4.500%
15 Year Fixed 4.000%
5/1 ARM 3.500%

Jumbo Loans:

30 Year Fixed 5.375%
15 Year Fixed 5.250%
5/1 ARM 3.875%

The survey is based on over two dozen wholesale and direct lenders' rate sheets. The origination fee for most of these loans ranges from 0.07 to 1 percent of the loan amount.

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