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October 1, 2012

October 1 Mortgage Rate Update: At record lows, few changes

by Rylan Stewart
Morro Bay (Harbor 1.10)

We posted this last week, but we would like to say this again in case you missed it: we have made several changes to our “Rate Update” program. We will be publishing a summary of mortgage rates for 10 loan programs every Monday and Thursday. The covered programs will be as follows: 30-year fixed, 15-year fixed, 30-year high balance, 30-year FHA, 30-year VA, FHA 203k (30 year), USDA (30 year), Manufactured FHA (30 year), Manufactured Conventional (30 year) and Jumbo (30 year).

Please also stay tuned for our Monthly Rate Report, which will include a summary (with graphs) of the month’s mortgage rate movements.

We have added these programs to give a better look at loan programs that are popular on the Central Coast and to incorporate a more holistic look at the lending environment.

To begin October, rates have almost uniformly remained at the record lows we discussed in our post last Thursday.

 

Conforming (30 year) -

3.250 percent (3.239 APR)

- 0.000 percent APR

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Conforming (15 year) -

2.750 percent (2.734 percent APR)

- 0.000 percent APR

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Conforming High Balance (30 year) -

3.375 percent (3.364 percent APR)

- 0.000 percent APR

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FHA (30 year) -

3.250 percent (4.167 percent APR)

-0.000 percent APR

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FHA 203k -

3.250 percent (4.367 percent APR)

-0.006 percent APR

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VA (30 year) -

3.250 percent (3.239 percent APR)

-0.000 percent APR

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USDA (30 year)

3.250 percent (3.831 percent APR)

-0.000 percent APR

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Manufactured FHA (30 year)

3.250 percent (5.216 percent APR)

+0.024 percent APR

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Manufactured Conventional (30 year)

3.500 percent (3.511 percent APR)

-0.020 percent APR

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Jumbo (30 year)

3.875 percent (3.959 percent APR)

+0.013 percent APR

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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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