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30-year mortgage rates below 4% for 44 weeks in 2015

30-year mortgage rates below 4% for 44 weeks in 2015

Mortgage rates have been below 4 percent for all but seven weeks in 2015. Several forecasters predict rates will rise to about 4.5 percent in 2016. The average for the past 42 1/2 years was 8.4 percent, Freddie Mac figures show.REGISTER STAFF

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 improved 1 basis point to 3.96 percent from last week’s 3.97 percent. The 15-year fixed was unchanged at 3.22 percent.

BOTTOM LINE: Assuming a borrower gets the average 30-year fixed rate on a conforming $ 417,000 loan, last year’s rate of 3.83 percent and payment of $ 1,950 is $ 31 less than this week’s payment of $ 1,981.

The Mortgage Bankers Association reports a 7.3 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 Federal Housing Administration (FHA) and Veteran’s Administration (VA) rates with 1 point: A 15-year fixed at 2.75 percent, a 30-year fixed at 3.375 percent, a 5/1 adjustable-rate mortgage or ARM at 2.99 percent (that is, fixed for five years and adjustable annually afterward), a high balance ($ 417,001 to $ 625,500) 15-year fixed at 2.875 percent, a high balance 30-year fixed at 3.50 and a high balance 5/1 ARM at 2.99 percent (which is the same as the conforming 5/1 rate).

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

The Orange County Register – News Headlines : Real Estate News