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Mortgage rates see tiny drops

Mortgage rates see tiny drops

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 improved 1 basis point, to 3.97 percent from last week’s 3.98 percent. The 15-year fixed arrived at 3.18 percent, 2 basis points better than last week’s 3.20 percent.

BOTTOM LINE: Assuming a borrower gets the average 30-year conforming fixed rate on a $ 417,000 loan, last year’s rate of 3.99 percent and payment of $ 1,988 is just $ 4 more than this week’s payment of $ 1,984.

The Mortgage Bankers Association reports a 6.2 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, well qualified borrowers can get the following loans for zero points and zero fees:

• A 15-year fixed at 3.25 percent

• A 30-year fixed at 4 percent

• A high-balance ($ 417,001-$ 625,500) 15-year fixed at 3.875 percent and a high-balance 30-year fixed at 4.25 percent

• A true jumbo (over $ 625,500) 15-year and 30-year fixed, both at 4.625 percent.

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