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30-year mortgage rates drop to 3.8%

30-year mortgage rates drop to 3.8%

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 9 big basis points, dropping to 3.84 from last week’s 3.93 percent. Ditto for the 15-year, better by 9 basis points, dropping to 3.06 percent from last week’s 3.15 percent.

BOTTOM LINE: Assuming a borrower gets the average 30-year conforming fixed rate on a $ 417,000 loan, last year’s rate of 4.10 percent and payment of $ 2,014 is $ 62 more than this week’s payment of $ 1,952.

The Mortgage Bankers Association reports 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 grab a 30-year fixed at 3.5 percent, a 15-year fixed at 2.625 percent, or a 7/1 ARM (fixed for seven years, adjusting annually after that) at 2.375 percent, all with one point. Or, get a high balance ($ 417,001 to $ 625,500) 30-year fixed at 3.625 percent, a 15-year fixed at 2.875 or a 7/1 ARM at 2.875 percent, all with one point as well.

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