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30-year mortgage rates up slightly to 3.89%

30-year mortgage rates up slightly to 3.89%

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 is 5 basis points more expensive this week, landing at 3.89 percent from last week’s 3.84 percent. The 15-year is 3 basis points uglier, arriving at 3.09 percent from last week’s 3.06 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 $ 24 more than this week’s payment of $ 1,990.

The Mortgage Bankers Association reports a big 11.3 percent jump 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 loans, all with 1.25 points: 15-year fixed at 2.625 percent, 30-year fixed at 3.5 percent. For an agency high balance loan ($ 417,001 to $ 625,500), the 15-year is 2.875 and the 30-year is 3.625 percent.

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