Thirty-year and 15-year fixed-rate mortgages hit all-time lows again this week. Here are the highlights:
Freddie Mac rate news: The 30-year rate hit its 13th record low of the year, averaging 2.72%. That’s down a whopping 12 basis points from last week.
The 15-year fixed-rate averaged 2.28%, down 6 basis points from last week to its eighth record low of the year.
The Mortgage Bankers Association reported loan application volume was unchanged from one week earlier.
Bottom line: Assuming a borrower gets the average 30-year fixed rate on a conforming $510,400 loan, last year’s payment was $262 more than this week’s payment of $2,076.
What I see: Locally, well-qualified borrowers can get the following fixed-rate mortgages without points: A 30-year FHA at 2.25%, a 15-year conventional at 2%, a 30-year conventional at 2.375%, a 15-year conventional high-balance ($510,401 to $765,600) at 2.25%, a 30-year conventional high-balance at 2.625%, and a jumbo 30-year adjustable mortgage that’s fixed for five years at a rate of 2.875%.
Eye catcher loan of the week: A 30-year high-balance fixed-rate conventional mortgage at 2.375% with 1.5 points.
Jeff Lazerson is a mortgage broker. He can be reached at 949-334-2424 or jlazerson@mortgagegrader.com. His website is www.mortgagegrader.com.
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November 20, 2020 at 03:45AM
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At 2.72%, 30-year mortgage rates hit 13th all-time low of the year - OCRegister
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