Mortgage rates drop: How soon until the next recession?

By Jeff Lazerson

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 to 4.75 percent, down 6 basis points from last week. The 15-year fixed improved 4 basis points, now averaging 4.21 percent.

The Mortgage Bankers Association reported a 2 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 $484,350 loan, last year’s payment was $231 lower than this week’s payment of $2,527.

What I see: Locally, well-qualified borrowers can get the following fixed-rate [READ MORE HERE]

Source: OC Register

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