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October 18, 2012

October 18 Mortgage Interest Rates – programs rise in price

by Central Coast Lending
Morro Bay (Harbor 1.10)

Rates have shot up on Thursday, October 18, to undo the improvements we saw at the beginning of the weekThe 30-year fixed added 5/8 of a point in price, the 15-year fixed added 3/8 of a point in price, and the 30-year high balance added 3/8 of a point. Other loan programs that gained price were the 30-year FHA203k, Manufactured FHA 30-year fixed, and the Manufactured Conforming 30-year fixed.  The USDA 30-year loan managed to improve, while the FHA and VA loans remained the same.

Conforming (30 year) -

3.250 percent (3.301 percent APR)

+ 0.049 percent APR


Conforming (15 year) -

2.750 percent (2.773 percent APR)

+ 0.039 percent APR


Conforming High Balance (30 year) -

3.375 percent (3.773 percent APR)

+ 0.030 percent APR


FHA (30 year) -

3.250 percent (4.167 percent APR)

-0.000 percent APR


FHA 203k (30 year) -

3.250 percent (4.196 percent APR)

+ 0.048 percent APR


VA (30 year) -

3.250 percent (3.239 percent APR)

-0.000 percent APR


USDA (30 year)

3.739 percent (3.821 percent APR)

-0.082 percent APR


Manufactured FHA (30 year)

4.250 percent (5.275 percent APR)

+ 0.035 percent APR


Manufactured Conventional (30 year)

3.500 percent (3.571 percent APR)

+ 0.030 percent APR


Jumbo (30 year)

3.875 percent (3.949 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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