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30-year mortgage rates still under 4% after tiny drop

30-year mortgage rates still under 4% after tiny drop

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

From Freddie Mac’s weekly survey: We have a one-two punch of improvement as the 30-year fixed improved 1 basis point to 3.93 percent, from last week’s 3.94 percent. The 15-year gained 2 basis points, landing at 3.15 percent, better than last week’s 3.17 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 $ 40 more than this week’s payment of $ 1,974.

The Mortgage Bankers Association reports a 3.6 percent improvement 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 partake in the following no-cost loans: 15-year fixed at 3.125 percent, 30-year fixed at 3.875 percent. For an agency high balance ($ 417,001 to $ 625,500), the no-cost 15-year is 3.375 and the 30-year is 4.125 percent.

WHAT I THINK: Last week, Zillow reported that Orange and L.A. counties are the third costliest housing markets for homebuyers in the country.

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