From the Associated Press

WASHINGTON — Rates on 30-year mortgages dipped this week after rising a week earlier and remain just above record lows.

Mortgage finance giant Freddie Mac said Thursday that average rates on 30-year fixed-rate mortgages fell to 4.82% this week, down from an average of 4.87% last week. Rates have been below 5% for five consecutive weeks.

The all-time low of 4.78% was recorded the week of April 2.  (Freddie’s records go back to 1971)

The rates do not include add-on fees known as points. The nationwide fee averaged 0.6 point last week for all mortgages in Freddie Mac’s survey except for one-year adjustable mortgages, which had an average fee of 0.7 point.

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We’re still waiting on the “super-conforming” loans to be offered.  Though they’ve been advertised on Fannie and Freddie’s website since February, none of the local lenders are offering it yet.

By May 1st, we should start seeing lenders offering loans up to $697,500 at rates that are roughly 1/8% to 1/4% over the conforming rates, which puts them around 5.0% if rates stay where they are today, with a cost of 1.0 to 1.5 points (1% to 1.5% of loan amount).

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W.C. asked about jumbos.

Surveying the websites of major lenders, and speaking with local mortgage originators found that 30-year fixed-rate jumbos up to $1,500,000 are readily available. 

There were multiple lenders offering rates of 5.75% and 5.875%, and charging 1.125 points.

They are requiring at least a 25% down payment, and your full-doc loan application needs to be “golden”.

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Coming Monday…Shadow Inventory Counts By Zip Code.

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Jim the Realtor
Jim is a long-time local realtor who comments daily here on his blog, bubbleinfo.com which began in September, 2005. Stick around!

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