30-year mortgage rates hovering near 2 1/2-year low – Daily News

on Jul11
by | Comments Off on 30-year mortgage rates hovering near 2 1/2-year low – Daily News |

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 averaged 3.75%, unchanged from last week. The 15-year fixed rate averaged 3.22%, up 4 basis points from last week.

The Mortgage Bankers Association reported a 2.4% decrease in loan application volume from the previous week.

Bottom line: Assuming a borrower gets the average 30-year fixed rate on a conforming $484,350 loan, last year’s payment was a whopping $220 higher than this week’s payment of $2,243.

What I see: Locally, well-qualified borrowers can get the following fixed rate mortgages without points: A 15-year FHA (up to $431,250 in the Inland Empire, up to $484,350 in Los Angeles and Orange counties) at 3.0, a 30-year FHA is at 3.25%, a 15-year conventional at 3.25%, a 30-year conventional at 3.75%, a 30-year FHA high-balance ($484,351 to $726,525 in L.A. and Orange counties) at 3.375%, a 15-year conventional high-balance (also $484,351 to $726,525) at 3.50%, a 30-year conventional high-balance at 4.0%, a 15-year jumbo (over $726,525) at 4.25% and a 30-year jumbo is at 4.50%.

What I think: See Laguna Woods disputes co-op lending monopoly

Mortgage broker Jeff Lazerson can be reached at 949-334-2424 or jlazerson@mortgagegrader.com. His website is www.mortgagegrader.com.



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