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October 11, 2012

October 11 Mortgage Rate Update – Rate movement mixed

by Central Coast Lending
Morro Bay Harbor (4)

After several uneventful weeks, rates have started to move again. This time though, the movement has added cost to a handful of the 10 loan programs that we track.  The 15-year fixed, 30-year high balance, and manufactured conventional all gained in price, while the FHA 203k and USDA mortgage rates lost several points. Stocks initially rose after the weekly jobless claims report for the October 6 week came in at a four-year low, but have since fallen flat as the end of the trading day nears.

Conforming (30 year) -

3.250 percent (3.239 APR)

- 0.000 percent APR


Conforming (15 year) -

2.750 percent (2.756 percent APR)

+ 0.022 percent APR


Conforming High Balance (30 year) -

3.375 percent (3.420 percent APR)

+ 0.056 percent APR


FHA (30 year) -

3.250 percent (4.167 percent APR)

-0.000 percent APR


FHA 203k -

3.250 percent (4.167 percent APR)

-0.170 percent APR


VA (30 year) -

3.250 percent (3.239 percent APR)

-0.000 percent APR


USDA (30 year)

3.250 percent (3.821 percent APR)

-0.010 percent APR


Manufactured FHA (30 year)

4.250 percent (5.240 percent APR)

+0.044 percent APR


Manufactured Conventional (30 year)

3.500 percent (3.541 percent APR)

+0.030 percent APR


Jumbo (30 year)

3.875 percent (3.959 percent APR)

-0.000 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.


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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