30-year Mortgage Rates Fall Back to 4.23%

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, landing at 4.23 percent, seven basis points better than last week’s 4.30 percent. That’s the biggest rate drop in 10 weeks. The 15-year fixed averaged 3.44 percent, six basis points than last week’s 3.50 percent.

The Mortgage Bankers Association reported a 2.7 percent decrease in loan application volume from the previous week.

BOTTOM LINE: Assuming a borrower gets the average 30-year fixed rate on a conforming $424,100 loan, last year’s rate of 3.71 percent and payment of $1,954 is $127 less than this week’s payment of $2,081.

WHAT I SEE: Locally, borrowers can get the following fully amortizing fixed rates loans with zero cost: A 10-year loan at 3.25 percent, a 15-year at 3.375 percent, a 30-year at 4.125 percent, a 15-year high-balance (or a loan from $424,101 to $636,150) at 3.625 percent, a 30-year high-balance at 4.25 percent, a 15-year jumbo (or loan for over $636,150) at 4.375 percent and a 30-year jumbo at 4.75 percent.

Originally published on OCRegister.com


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