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 landed at 4.16 percent, one basis point worse than last week’s 4.15 percent. The 15-year fixed arrived at 3.37 percent, two basis points worse than last week’s 3.35 percent.
The Mortgage Bankers Association reported a 2 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 3.62 percent and payment of $1,933 was $131 less than this week’s payment of $2,064.
WHAT I SEE: Locally, borrowers can get the following fully amortizing fixed rates with 1 point: A 10-year loan at 2.875 percent, a 15-year at 3.0 percent, a 30-year at 3.875 percent, a high-balance 15-year (or loan of $424,101 to $636,150) at 3.25 percent, a high-balance 30-year at 4.0 percent, a 15-year jumbo (or loan of $636,150 or more) at 3.875 percent and a 30-year jumbo at 4.125 percent.
Contact mortgage broker Jeff Lazerson at 949-334-2424, firstname.lastname@example.org or on Twitter: @mortgagegrader_.
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