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 lost ground, landing at 3.66 percent, 7 basis points higher than last week’s 3.59 percent. The 15-year fixed moved higher as well, landing at 2.89 percent, 4 basis points higher than last week’s 2.85 percent.
BOTTOM LINE: Assuming a borrower gets the average 30-year conforming fixed rate on a $417,000 loan, last year’s rate of 3.68 percent and payment of $1,915 is $5 more than this week’s payment of $1,910.
The Mortgage Bankers Association reports a 4.1 percent decrease in loan application volume from the previous week.
WHAT I SEE: From rate sheets hitting my desk that are not part of Freddie Mac’s survey: Locally, well qualified borrowers can get the following fixed rate mortgages for zero cost: conventional 15-year at 2.875 percent, 20-year at 3.50 percent, 30-year at 3.625 percent, high balance ($417,001 to $625,500) 15-year at 3.25 percent and a 30-year at 3.875 percent.
Contact Jeff Lazerson at 949-334-2424 or firstname.lastname@example.org or on Twitter: @mortgagegrader_.
Source: Orange County Register