30-Year Fixed Mortgage Rates 5.5%

Mortgage rates got pushed down with Feds help.  It looks like across the board rates come down to under 6%... at least for now.

The average rate for a 30-year fixed mortgage fell to about 5.5 percent after starting at 6.38 percent yesterday, according to Bankrate Inc. It was the biggest one-day drop in at least seven years, said Holden Lewis, of the North Palm Beach, Florida, publishing and research firm. [via Bloomberg]

We've been tracking Wells Fargo mortgage rates esp. when jumbo loans were closing in to 10% APR. So, check it out: here and here. Compare that to WF today's rate.

This is what it looks like today.

Their jumbo loans still at around 8% so it won't help much the higher-end market. However, for those of you still on-the-fence (and been waiting for rates to come down) - this is in: FHA rates at 5.5% for 30-year fixed - it is a pretty darn good rate..