Mortgage Rate Update

Conventional Loan Programs – For the week of November 9th-16th

Mortgage Rate Update

Government Loan Programs – For the week of November 9th-16th

Mortgage rates this week increased in most of the ten programs offered, with seven programs increasing in APR, and the other three programs staying the same in rate. There were no decreases to rate in any of the ten programs this week. The average change among all programs was an increase of 8.6 basis points. If you have questions, our loan officers are just a phone call away (805.543.LOAN)

Take a look at the Freddie Mac Survey of the 30-year fixed rate movement over the past year:

The Freddie Mac mortgage rate increased by 5 basis points this week to a level of 3.95%. APR still remains higher than it  was a year ago when it was at a level of 3.94%, this is only one basis points lower than the current APR of 3.95%.

 

Attributed to Sean Becketti, chief economist, Freddie Mac.

Here is the Freddie Mac Survey of the 30-year fixed historical average rate movement over the past 30 years:

APR rates for the year of 2016 were at historically low levels , with an APR of 3.65% for a 30-year fixed rate mortgage, they were at the lowest we’ve ever seen them. 2012 was the previous low with an APR of 3.66%, only one basis point higher than what we saw in 2016. APR rates dropped 20 points from 3.85% in 2015 to the low of 3.65% in 2016. The highest APR rates were in the early 1980’s when they reached an ultimate high of 16.63% in 1981, almost 5 times more than the APR rates in 2016. Since 2012 rates have remained somewhat flat and comparatively low changing minimally.

 

 

Now is the perfect time to contact the Mortgage Experts for your home purchase or refinance! With our 21-Day Processing method, you can make a stronger purchase offer, reduce stress, and save money! Give us a call at 805.543.LOAN to discuss your mortgage options and to get a free rate quote.

Calculation Notes:

  • Mortgage rates assume purchase of a single-family, detached, owner-occupied, residential property.
  • Mortgage rates assume borrower credit score of 760 and a Debt-to-Income ratio of 35%. Rates for conventional loan programs assume a loan-to-value of 60%.
  • Loan amount is $417,000 for all programs (appraised value of $522,000), except for the high balance ($561,200 loan and $722,000 value), and Jumbo ($700,000 loan and $1,000,000 value)
  • Mortgage rates and APR subject to change
  • 30-year fixed, 15-year fixed, 30-year high balance, Manufactured, Jumbo
  • FHA, FHA 203k, Manufactured, USDA, VA

Step 1. Get Pre-Approved.

How Does Pre-Approval Work?

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Create an Account

Creating an account is fast, easy, secure and FREE! Your account enables you to easily modify your loan application and view the status of your loan anytime day or night.

Submit Information

When you register for a Loan Center account, you can submit a loan application online and the sensitive information that you provide will be transmitted securely.

Get Pre-Approved

Pre approval can be done in as little as an hour if you have thoroughly completed the loan application and have all the needed paperwork to support the information on the application.

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