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30-year mortgage rates dip to 3.76%

30-year mortgage rates dip to 3.76%

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 dropped 3 basis points, improving to 3.76 from last week’s 3.79 percent. The 15-year fixed was unchanged from a week ago, remaining under 3 percent, staying at 2.98 percent.

BOTTOM LINE: Assuming a borrower gets the average 30-year conforming fixed rate on a $ 417,000 loan, last year’s rate of 3.98 percent and payment of $ 1,986 is $ 52 more than this week’s payment of $ 1,934.

The Mortgage Bankers Association reports a 3.5 percent decrease 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, you can get the following Federal Housing Administration loans for zero points: a 15-year fixed at 2.75 percent, a 30-year fixed at 3.375 percent, and a 5/1 adjustable rate mortgage (fixed for five years and adjusting annually each year after that) at 3.125 percent.

Also available for zero points are the following high-balance ($ 417,001-$ 625,500) loans: a 15-year fixed at 2.75 percent, a 30-year fixed at 3.375 percent and a 5/1 ARM at 2.99 percent.

Veterans Administration conforming loans are the same as FHA. But VA high-balance loans are 0.125 percent higher for the 15- and 30-year fixed-rate mortgages. The VA 5/1 ARM is at a rate of 3.125 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