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 4.15 percent, two basis points better than last week’s 4.17 percent. The 15-year fixed improved to 3.35 percent, four basis points better than last week’s 3.39 percent.
The Mortgage Bankers Association reported a 3.7 percent decrease 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 $122 less than this week’s payment of $2,062.
WHAT I SEE: Locally, borrowers can get the following fully amortizing fixed rates with 1 point: A 10-year loan at 3.0 percent, a 15-year at 3.125 percent, a 30-year at 3.875 percent, a 15-year high-balance (or loan of $424,101 to $636,150) at 3.25 percent, a 30-year high-balance at 4.125 percent, a 15-year jumbo (or loan over $636,150) at 3.875 percent and a 30-year jumbo at 4.375 percent.
Contact mortgage broker Jeff Lazerson at 949-334-2424, jlazerson@mortgagegrader.com or on Twitter: @mortgagegrader_.
Our editors found this article on this site using Google and regenerated it for our readers.
