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September 4, 2012

September 4, 2012: rates drop another half point, down at record lows

by Central Coast Lending
Morro Bay (Harbor 1)

After rising nearly 2 percent in August stocks dropped to begin the month of September, historically the worst month for stocks. The drop wasn’t on historical merits though, but from poor manufacturing and construction reports. Mortgage interest rates, meanwhile, continued to fall. The 30-year fixed has dropped half a point to begin the week, and the 15-year fixed and 30-year high balance experienced similar discounts. Now would be a good time to lock in a rate, as they have fallen very near to record lows. Give us a call at 805.543.LOAN for more information.

The 10-year US Treasury closed August with a 1.57 percent yield after reaching a high of 1.83 percent on August 16. To begin September, the yield rose slightly to just over 1.58.

30 year fixed –

Thursday, August 23:

3.250 percent (3.341 percent APR)


3.250 percent (3.301 APR)

- 0.041 percent APR


15 year fixed –

Thursday, August 23:

2.750 percent (2.791 percent APR)


2.750 percent (2.765 percent APR)

- 0.026 percent APR


30 year High Balance

Thursday, August 23:

3.375 percent (3.460 percent APR)


3.375  percent (3.420 percent APR)

- 0.040 percent APR


30 Year FHA

Thursday, August 23:

3.250 percent (3.4013 percent APR)


3.250  percent (4.097 percent APR)

+ 0.084 percent APR


30 Year VA

Last week:

3.250 percent (3.239 percent APR)


3.250  percent (3.251 percent APR)

+ 0.012

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.


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, easy online pre-qualification click HERE or call 805.543.LOAN to talk to one of our expert loan officers. Central Coast Lending: The Mortgage Experts.

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