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September 24, 2012

September 24, 2012 Mortgage Rate Update: Rates back at record lows

by Rylan Stewart
Morro Bay (Harbor 1)

Mortgage rates have crept down to record lows since the Federal Reserve announced its latest Quantitative Easing program, QE3, an ambitious bond-buying program to keep rates low, stabilize the mortgage market, and ultimately combat unemployment. Last Thursday, September 20, Freddie Mac reported that at 3.49 percent, the 30-year fixed national average had hit a record low. We have already been advertising rates at 3.250 percent, so the low is nothing new to us. What we have seen is a gradual APR improvement of this rate, with daily 1/8 point drops. Last week, the APR for the 3.250 rate fell by a total of 0.059 percent.

While we have seen lower APRs for the lowest rates, the “middle” rate costs have remained the same. The APR for the 3.500 percent 30-year fixed rate, for example, has been at 3.488 percent for over a week now. Following are a summary of the rates and their changes:

30 year fixed –

September 20:

3.250 percent (3.251 percent APR)

Today:

3.250 percent (3.242 APR)

- 0.009 percent APR

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15 year fixed –

September 20:

2.750 percent (2.734 percent APR)

Today:

2.750 percent (2.734 percent APR)

No Change

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30 year High Balance -

September 20:

3.375 percent (3.390 percent APR)

Today:

3.375  percent (3.370 percent APR)

- 0.020 percent APR

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30 Year FHA -

September 20:

3.250 percent (4.077 percent APR)

Today:

3.250  percent (4.097 percent APR)

+ 0.020 percent APR

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30 Year VA

September 20:

3.250 percent (3.241 percent APR)

Today:

3.250  percent (3.239 percent APR)

- 0.002 percent APR


APR is subject to increase and terms subject to change. APRs may very depending on loan details such as points, loan amount and loan-to-value, your credit, property type and occupancy. Closed rate and APR assume a rate and term refinance of a single family detached owner-occupied primary residence, loan amount $417,000 ($561,200 for high balance), and a minimum FICO score of 760. Situations vary based on applicant.

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Central Coast Lending is a California mortgage brokerage based in San Luis Obispo County. With offices in San Luis Obispo, Morro Bay, Paso Robles, and Arroyo Grande, Central Coast Lending is the top source for Central Coast mortgage, real estate, and home loan needs. To see why using a broker offers lower rates and superior service, click HERE. For a free, hassle-free online pre-qualification click HERE or call 805.543.LOAN to talk to one of our expert loan officers.

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