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 remained unchanged at 4.19 percent from the previous week. The 15-year fixed landed at 3.41 percent, 1 basis point higher than the previous week’s 3.40 percent.
The Mortgage Bankers Association reported a 3.2 percent decrease in loan application volume from the previous week.
Bottom line: Assuming a borrower gets the average 30-year conforming fixed rate on a conforming $424,100 loan, last year’s rate of 3.72 percent and payment of $1,957 totaled $114 less than last week’s payment of $2,071.
What I see: Locally, well-qualified borrowers can get these interest-only rates with 1 point; three-year at 4.375 percent, five-year at 3.875 percent, seven-year at 4.0 percent, 10-year at 4.125 percent, high-balance and jumbo ($424,101 and higher) three-year at 3.375 percent, five-year at 3.50 percent, seven-year at 3.25 percent, 10-year at 4.0 percent, 15-year fixed at 3.875 percent and a 30-year fixed at 4.375 percent.
Contact mortgage broker Jeff Lazerson at 949-334-2424, jlazerson@mortgagegrader.com or Twitter: @mortgagegrader_.
