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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.


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