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30-year mortgage rates fall to lowest level in a year

30-year mortgage rates fall to lowest level in a year

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 averaged 3.62 percent, 3 basis points better than last week. The 15-year fixed improved as well, landing at 2.93 percent, 2 basis points better than last week’s 2.95 percent.

That’s the lowest 30-year average in a year and the lowest rate for 15-year mortgages since April.

BOTTOM LINE: Assuming a borrower gets the average 30-year conforming fixed rate on a $ 417,000 loan, last year’s rate of 3.80 percent and payment of $ 1,943 is $ 42 more than this week’s payment of $ 1,901.

The Mortgage Bankers Association reports a 4.3 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, well qualified borrowers can get the following zero cost, fully amortized fixed-rate loans: Conventional 10-year at 2.875 percent, 15-year at 3.0 percent, Federal Housing Administration (FHA) 15-year fixed at 2.99 percent (excluding the upfront FHA mortgage insurance premium), conventional 20-year at 3.50 percent, 30-year fixed at 3.625 percent, FHA 30-year at 3.375 percent.

Contact Jeff Lazerson at 949-334-2424 or jlazerson@mortgagegrader.com or on Twitter @mortgagegrader_

The Orange County Register – News Headlines : Real Estate News