15-year fixed rate mortgages stay at record low – Daily News

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The hike in mortgage rates this week doesn’t seem to matter much as mortgage rates have stayed so low for so long. Freddie Mac’s 15-year fixed rate is 2.15%, just 5 basis points below last week’s all-time low.

Refinancing is gaining momentum again.

“Homeowners continue to respond to lower rates, with refinancing activity climbing to its highest level since February 2021,” said Joel Kahn, Mortgage Bankers Association vice president of economic and industry forecasting.

Locally, prices are always lower than Freddie Mac’s national poll. If you have a 30-year flat rate of 3% or higher, or a 15-year flat rate of 2.5% or higher, you can save some money. Always go shopping.

Freddie Mac appreciated the news: The 30-year fixed rate averaged 2.87%, up 10 basis points from last week. The 15-year fixed rate averaged 2.15%, up five basis points from last week.

The Mortgage Bankers Association reported a 2.8% increase in mortgage applications over the previous week.

Bottom line: Assuming that the borrower receives an average 30-year flat rate on the corresponding loan of $ 548,250, last year’s payment was $ 27 more than this week’s payment of $ 2,273.

What do I see: Locally, highly qualified borrowers can obtain the following fixed rate mortgage loans at 1 point: 30-year FHA at 2.25%, 15-year conditional at 1.99%, 30-year standard at 2.5%, 15- a one-year regular high balance ($ 548,251 to $ 822,375) at 2.125%, a 30-year regular high balance at 2.75%, and a 30-year fixed large balance (over $ 822,375) at 2.875%.

Eye-catching Credit of the Week: A 30-year variable rate large mortgage locked for the first 10 years with a down payment of just 10% or 2.375% equity with a price of 1 pip.

Jeff Lazerson is a mortgage broker. He can be reached at 949-334-2424 or jlazerson@mortgagegrader.com. His site www.mortgagegrader.com

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