What’s up with mortgage rates? Jeff Lazerson of Mortgage Grader in Laguna Niguel gives us his take.
RATE NEWS SUMMARY
From Freddie Mac’s weekly survey: The 30-year fixed rate improved to 4.17 percent, two basis points better than last week’s 4.19 percent. Ditto for the 15-year fixed that landed at 3.39 percent, two basis points better than last week’s 3.41 percent.
The Mortgage Bankers Association reported a 2.3 percent increase in loan application volume from the previous week.
BOTTOM LINE: Assuming a borrower gets the average 30-year fixed rate on a conforming $424,100 loan, last year’s rate of 3.65 percent and payment of $1,940 was $126 less than this week’s payment of $2,066.
WHAT I SEE: Locally, well qualified borrowers can get the following adjustable rate mortgages with 1 point: A 5-year ARM at 2.75 percent, a 7-year at 3.0 percent, a high-balance ($424,101 to $636,150) 5-year, a high-balance 7-year at 3.50 percent, a 5-year jumbo (over $636,150) at 3.25 percent and a 7-year jumbo at 3.50 percent.
Contact mortgage broker Jeff Lazerson at 949-334-2424, jlazerson@mortgagegrader.com or on Twitter: @mortgagegrader_.
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