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Thirty-year mortgage rates level off at 4.5%

By Jeff Lazerson

7/19/18

Rate news summary: 

From Freddie Mac’s weekly survey: The 30-year fixed rate averaged 4.5 percent, down 1 basis point from last week’s 4.53 percent. The 15-year fixed averaged 4.0 percent, two basis points lower than last week’s 4.02 percent.

The Mortgage Bankers Association reported a 2.5 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 $453,100 loan, last year’s rate of 3.96 percent and payment of $2,153 was $148 lower than this week’s payment of $2,301.

What I see: Locally, well-qualified borrowers can get the following fixed-rate mortgages for zero cost: A 15-year at 4.0 percent, a 30-year at 4.375 percent, a 15-year high-balance ($453,101 to $679,650) at 4.125 percent, a 30-year high-balance at 4.625 percent and a 30-year jumbo (over $679,650) at 5.0 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.