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15-year mortgage rates drop below 3%

15-year mortgage rates drop below 3%

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 15-year fixed dropped under 3 percent, landing at 2.98 percent, 5 basis points lower than last week’s 3.03 percent. The 30-year fixed dropped 3 basis points, improving to 3.79 percent from last week’s 3.82 percent.

BOTTOM LINE: Assuming a borrower gets the average 30-year conforming fixed rate on a $ 417,000 loan, last year’s rate of 3.92 percent and payment of $ 1,972 is $ 31 more than this week’s payment of $ 1,941.

The Mortgage Bankers Association reports an almost 12 percent increase in loan application volume from the previous week.

WHAT I SEE: From rate sheets hitting my desk that are not part of Freddie Mac’s survey: Locally, well qualified borrowers can get the following loans for no-cost: 15-year fixed at 3 percent, 30-year fixed at 3.75 percent, agency high-balance ($ 417,001-$ 625,500) 15-year fixed at 3.50 percent, 30-year fixed at 4 percent.

Mortgage broker Jeff Lazerson can be reached at 949-334-2424 or lazerson@mortgagegrader.com. Twitter: @mortgagegrader_

The Orange County Register – News Headlines : Real Estate News