Mortgage rates see slight rise

What’s up with mortgage rates? Jeff Lazerson of Mortgage Grader in Laguna Niguel gives us his take.RATE NEWS SUMMARYFrom 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...

Mortgage rates see slight rise

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, jlazerson@mortgagegrader.com or on Twitter: @mortgagegrader_.

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