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Mortgage rates up slightly after three-weeks of declines

Mortgage rates up slightly after three-weeks of declines

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 increased to 3.95 percent, 2 basis points higher than last week’s 3.93 percent. The 15-year fixed increased to 3.19 percent, 3 basis points higher than last week’s 3.16 percent.

BOTTOM LINE: Assuming a borrower gets the average 30-year conforming fixed rate on a $ 417,000 loan, last year’s rate of 3.93 percent and payment of $ 1,974 was $ 5 less than this week’s payment of $ 1,979.

The Mortgage Bankers Association reported a 6 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 rates with zero points: A 15-year fixed at 3 percent; a 30-year fixed at 4 percent; a high balance ($ 417,001 to $ 625,500) 15-year fixed at 3.5 percent; a high balance 30-year fixed at 4.25 percent; and a 15- or 30-year fixed jumbo (over $ 625,500) at 4.25 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