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Average rate on 30-year mortgage falls to 3.79 percent

Average rate on 30-year mortgage falls to 3.79 percent

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 improved 2 basis points, landing at 3.79 percent from last week’s 3.81 percent. The 15-year fixed arrived at 3.07 percent, 3 basis points lower than last week’s 3.10 percent.

BOTTOM LINE: Assuming a borrower gets the average 30-year conforming fixed rate on a $ 417,000 loan, last year’s rate of 3.66 percent and payment of $ 1,941 is $ 31 less than this week’s payment of $ 1,941.

The Mortgage Bankers Association reports an 8.8 percent increase 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, FHA borrowers can get the following zero point loans; 15-year fixed at 2.75 percent, 30-year at 3.25 percent, 5/1 ARM or adjustable rate mortgage rate locked for the first five years at 2.99 percent, high balance ($ 417,001 to $ 625,500) 15-year fixed at 2.875 percent, 30-year at 3.375 percent and the 5/1 ARM at 2.99 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