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 broke the 4 percent barrier, rising 6 basis points and landing at 4.03 percent. The 15-year fixed also was up a bit, averaging 3.27 percent, 4 basis points worse than last week’s 3.23 percent.
The Mortgage Bankers Association reported a 2.7 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 3.66 percent and payment of $1,942 was $90 less than this week’s payment of $2,032.
What I see: Locally, well-qualified borrowers can get the following fully amortizing fixed rates 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 Veteran’s Administration 30-year at 3.75 percent, a 15-year conventional high-balance loan (or a loan from $424,101 to $636,150) at 3.625 percent, a high-balance 30-year at 4.25 percent, an FHA/VA 30-year high-balance at 3.875 percent, a 15-year jumbo (loan amounts over $636,150) at 4.50 percent and a 30-year jumbo at 4.625 percent.
Read more about 30-year mortgage rates at 4.03% after small increase This post was shared via Orange County Register’s RSS Feed. Irvine Shredding Service
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