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 worsened drastically, landing at 4.21 percent, 11 basis points more expensive than last week’s 4.10 percent. The 15-year fixed averaged 3.42 percent, 10 basis points higher than last week’s 3.32 percent.
The Mortgage Bankers Association reported a 3.3 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 $1,947 was $129 less than this week’s payment of $2,076.
WHAT I SEE: Locally, borrowers can get the following fully amortizing fixed rates loans with zero cost: A 10-year loan at 3.375 percent, a 15-year at 3.50 percent, a 30-year at 4.25 percent, a 15-year high-balance loan (or a loan from $424,101 to $636,150) at 3.875 percent, a 30-year high-balance at 4.50 percent, a 15-year jumbo (or loan for over $636,150) at 4.625 percent and a 30-year jumbo at 4.75 percent.
Contact mortgage broker Jeff Lazerson at 949-334-2424, jlazerson@mortgagegrader.com or on Twitter: @mortgagegrader_.
