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Mortgage rates see first decline in a month

By Jeff Lazerson

5/31/18

Rate news summary: 

From Freddie Mac’s weekly survey: Seeing its first decline in four weeks, the 30-year fixed rate averaged 4.66 percent, dropping 10 basis points from last week’s 4.66 percent. The 15-year fixed averaged 4.06 percent, better by nine basis points over last week’s 4.15 percent.

The Mortgage Bankers Association reported loan application volume fell 2.9 percent from the previous week.

Bottom line: Assuming a borrower gets the average 30-year fixed rate on a conforming $453,100 loan, last year’s rate of 3.94 percent and payment of $2,148 was $164 lower than this week’s payment of $2,312.

What I see: Locally, well-qualified borrowers can get the following fixed-rate mortgages at a one-point cost: A 15-year at 3.625 percent, a 30-year at 4.125 percent, a 15-year agency high-balance ($453,101 to $679,650) at 3.75 percent, a 30-year agency high-balance at 4.25 percent, a 15-year jumbo (over $679,650) at 4.25 percent and a 30-year jumbo at 4.375 percent.

If you have questions or comments, please contact Jeff Lazerson by clicking here. For more great insight make sure to check out Jeff Lazerson’s Mortgage Grader Radio Show on Sundays at 10 am on AM830 KLAA.