Homes For Sale

What’s happening with mortgage rates? Jeff Lazerson, of Mortgage Grader in Laguna Niguel, gives us his weekly take … NEWS SUMMARY: From Freddie Mac’s weekly survey we see fixed and adjustable rates hitting all-time record lows. The average rate for a 30-year fixed rate fell to 4.12 percent at a cost of .7 point. Last week rates averaged 4.22 percent. Fifteen year fixed rates averaged 3.33 percent and .6 point, falling from 3.39 percent a week ago. The 5-year ARM remained unchanged at the lowest record level touched one week ago, averaging 2.96 percent and .6 point to buy that rate.

WHAT I SEE: From rate sheets hitting my desk that are not part of Freddie Mac’s survey: The 5-year interest only ARM is 2.875 percent and .9 point. The 10-year ARM is 3.5 percent and .8 point. FHA 30-year fixed is 3.75 percent and zero point.

WHAT I THINK: Tonight, President Obama needs to announce a simple no-appraisal refinance program for on-time paying borrowers that lack equity. This is America’s best opportunity to end the housing depression.

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