According to Mortgage Bankers Association’s (MBA) weekly mortgage application survey, California mortgage rates has now increased seven of the last eight weeks. Most of the big banks are now advertising Annual Percentage Rates (APR) just under 4%.
30 Year and 15 Year Fixed Mortgage Rates
The average interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) was up six basis points to 3.73%. The rate for 15-year Fixed Rate Mortgages also increased, by five basis points to 3%. The average interest rate for 30-year fixed-rate mortgages for high balance loans (Loan amounts greater than $417,000) increased to 3.96 percent from 3.95 percent.
FHA Loan Rates
The average interest rate for 30-year fixed FHA-insured loans increased five basis points to 3.53%. MBA data showed the average rate for jumbo 30-year Fixed Rate Mortgages (loan amounts greater than $417,000) increasing one basis point to 3.96%.
Adjustable Mortgage (ARM) Rates
The rate for the 5/1 ARM had the biggest increase, moving up 12 basis points to 2.72%.
If you are looking to compare mortgage rates for Citi Mortgage, Wells Fargo, Bank of America and Chase, click here.
if you have been sitting on fence to refinance, this could be the time to get off the fence before its too late.
You may also like to read – How to become a better mortgage rate shopper
[...] February 6, 2013 by Shashank Shekhar [...]