15-year fixed rate remains near all-time low

Refinance activity jumps to highest level since February

Last week’s mortgage rate bump-up seems to matter little as mortgage rates have stayed so low for so long. At 2.15%, the

Freddie Mac 15-year fixed is just 5 basis points off the previous week’s alltime low.

Refinance activity again is picking up steam.

“Homeowners continue to respond to lower rates, with refinance activity climbing to the highest level since February 2021,” said Joel Kan, Mortgage Bankers Association vice president of economic and industry forecasting.

Locally, rates are always cheaper than in the Freddie Mac national survey. If you have a 30-year fixed rate at 3% or above or a 15-year fixed rate at 2.5% or above, you might be able to save yourself some dough. Always shop around.

The 30-year fixed rate averaged 2.87%, 10 basis points higher than the previous week. The 15-year fixed rate averaged 2.15%, 5 basis points higher than the previous week.

The Mortgage Bankers Association reported a 2.8% increase in mortgage application volume from the previous week.

Assuming a borrower gets the average 30-year fixed rate on a conforming $548,250 loan, last year’s payment was $27 more than last week’s payment of $2,273.

Locally, well-qualified borrowers can get the following fixed-rate mortgages with 1 point cost: a 30-year FHA at 2.25%, a 15-year conventional at 1.99%, a 30year conventional at 2.5%, a 15-year conventional high-balance ($548,251 to $822,375) at 2.125%, a 30year conventional highbalance at 2.75% and a 30year fixed jumbo (greater than $822,375) at 2.875%.

a 30-year jumbo adjustable-rate mortgage locked in for the first 10 years with just 10% down payment or in equity at 2.375%, with 1 point cost.