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30-year mortgage rates up slightly

30-year mortgage rates up slightly

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 is a little more expensive this week. Rates climbed to 3.94 percent, 3 basis points higher than last week’s 3.91 percent. The 15-year lost ground as well, climbing to 3.17 percent, 4 basis points higher than last week’s 3.13 percent.

BOTTOM LINE: Assuming a borrower gets the average 30-year conforming fixed rate on a $ 417,000 loan, last year’s rate of 4.12 percent and payment of $ 2,019 was $ 43 more than this week’s payment of $ 1,976. The Mortgage Bankers Association reports no change 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, it takes only 5 percent down now to get any loan amount from $ 417,000 all the way to $ 1 million. And, that’s without needing mortgage insurance. You do have to have a 740 credit score. Or, go to $ 2 million with a combined first and second mortgage all the way to 90 percent loan-to-value.

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