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 again, landing at 4.08 percent, two basis points better than last week’s 4.10 percent. Ditto for the 15-year fixed, which averaged 3.34 percent, two basis points better than last week’s 3.36 percent.
The Mortgage Bankers Association reported a 1.5 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 3.58 percent and payment of $1,923 was $121 less than this week’s payment of $2,044.
What I See: Locally, borrowers can get the following fully amortizing fixed-rate loans with zero cost: A 15-year at 3.25 percent, a 20-year at 3.875 percent, a 30-year at 4.0 percent, a Federal Housing Administration or Veterans Administration 30-year at 3.75 percent, a 15-year conventional high-balance loan (or a loan from $424,101 to $636,150) at 3.5 percent, a 30-year conventional high-balance loan at 4.25 percent, an FHA/VA 30-year high-balance loan at 4.0 percent, a 15-year jumbo (or loans for amounts over $636,150) at 4.50 percent and a 30-year jumbo at 4.625 percent.
Contact mortgage broker Jeff Lazerson at 949-334-2424, jlazerson@mortgagegrader.com or on Twitter: @mortgagegrader_.