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Mortgage rates dip for third straight week

Mortgage rates dip for third straight week

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 landed at 3.95, 2 basis points better than last week’s 3.97 percent. The 15-year fixed remained unchanged from last week’s 3.18 percent.

BOTTOM LINE: Assuming a borrower gets the average 30-year conforming fixed rate on a $ 417,000 loan, last year’s rate of 3.97 percent and payment of $ 1,984 is just $ 5 more than this week’s payment of $ 1,979.

The Mortgage Bankers Association reports a 3.2 percent decrease 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 for 1 point: a 15-year fixed at 2.75 percent; a 30-year fixed at 3.625 percent; a high balance ($ 417,001-$ 625,500) 15-year fixed at 3.0 percent; a high balance 30-year at 3.75 percent; and a very competitive true jumbo (over $ 625,500) at 3.625 percent for both 15-year and 30-year fixed.

Mortgage broker Jeff Lazerson can be reached at 949-334-2424 or lazerson@mortgagegrader.com. Twitter: @mortgagegrader_

The Orange County Register – News Headlines : Real Estate News