Mortgage interest rates see slight drop

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 improved again, landing at 4.08 percent, two basis points better than last week’s 4.10 percent. Ditto for the 15-year fixed, which averaged 3.34 percent, two basis points better than last week’s 3.36 percent.

The Mortgage Bankers Association reported a 1.5 percent increase 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 3.58 percent and payment of $1,923 was $121 less than this week’s payment of $2,044.

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