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30-year mortgage rates decrease for 3rd straight week

30-year mortgage rates decrease for 3rd straight week

What’s up with mortgage rates? Jeff Lazerson of Mortgage Grader in Laguna Niguel gives us his take.

From Freddie Mac’s weekly survey: The 30-year fixed improved to 3.93 percent, 2 basis points lower than last week’s 3.95 percent. Ditto for the 15-year fixed, improving to 3.16 percent compared to last week’s 3.18 percent.

BOTTOM LINE: Mortgage payments now are higher than they were a year ago. Assuming a borrower gets the average 30-year conforming fixed rate on a $ 417,000 loan, last year’s rate of 3.89 percent and payment of $ 1,964 was $ 10 below this week’s payment of $ 1,974.

The Mortgage Bankers Association reports virtually unchanged 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 jumbo loans (over $ 625,500) for 1 point: A 5/1 ARM (or adjustable-rate mortgage that’s fixed for five years and adjusts annually after that) at 2.75 percent; a 7/1 ARM at 3.50 percent; a 10/1 ARM at 3.875 percent; a 15-year fixed at 3.75 percent; and a 30-year fixed at 4.125 percent.

Also a 30-year fixed-rate high-balance mortgage (from $ 417,001 to $ 625,000) is available from the Federal Housing Administration for 3.25 percent; and a conventional high-balance is available at 3.875 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