Having inched down last week, the average rate for a benchmark 30-year mortgage has since shed another 9 basis points (0.09 percentage points) to 3.15 percent which is 8 basis points below its previous all-time low of 3.23 percent and 84 basis points below its mark at the same time last year, according to Freddie Mac’s latest Mortgage Market Survey data.

At the same time, the average rate for a 15-year fixed mortgage has since dropped another 8 basis points to 2.62 percent (which is 84 basis points below its mark at the same time last year and within 6 basis points of its all-time low) while the average rate for a 5-year adjustable has shed another 4 basis points to 3.13 percent (which is 47 basis points below its mark at the same time last year but 57 basis points above its all-time low of 2.56 percent).

And in California, purchase loan application volume increased nearly 12 percent over the past week and is back to within 2 percent of its activity at the same time last year, versus 9 percent higher on a year-over-year basis nationwide, with purchase activity in San Francisco having just increased for the first time on a year-over-year basis, by around 10 percent, since mid-March.

Comments from Plugged-In Readers

  1. Posted by Aaron in SF

    Is anyone refinancing jumbo loans in the Bay Area?

    Just bought last year with 20% down, wondering if it’s possible to get a refi with less than a year in…

    • Posted by EBGuy

      How are you valuing your implied put option?

      • Posted by Aaron in SF

        I should probably know what that means. 🙂 If it’s relevant, our house has appreciated significantly since purchase, which IMO would be evident in any new appraisal. We have improved a few things; and the neighborhood is quote prime unquote. IIRC our 30 year fixed is 3.75% atm…

        • Posted by sfres

          Aaron, a few weeks ago, we closed a fixed jumbo refi with Wells Fargo at 3.1% — 25 years; same rate was available at 30 years but we did not want to extend the term of our existing mortgage. No out of pocket costs (i.e. they were included within the rate).

          • Posted by Aaron in SF

            Interesting! That warrants further investigation for sure.

          • Posted by Matt

            I have an existing jumbo mortgage with Wells Fargo and just asked them about refi options. They said that for jumbo loan refis, they require the borrower to have at least $250k in assets held in Wells Fargo accounts. It didn’t matter that my existing mortgage is with them. I am not interested in transferring that level of assets to Wells just to refi. Others with the ability to move the money (or who already meet the requirement) should be able to move forward.

  2. Posted by scurvy

    Aaron, cash out refi or straight refi? Regular refi’s are happening…slowly. Cash-out refis require $100k-200k in liquid accounts right now (non-investment, non-retirement).

  3. Posted by wcsf

    BofA just offered to do a loan mod (jumbo w/ strong loan to value ratio, great credit) on my primary residence from 3.75% to 3.375% for $900, no docs. (this was a month ago lock). I would be interested to learn if anyone has had recent success in getting competitive refi rate on an investment property? I have a lot of investment properties/loans so reduced number of banks willing to do them, but Citi for example was offering only a 4.75% rate on $700K loan that is cash flow positive and 60/40 loan to value ratio. I’m used to seeing a half point premium for investment property loans, but this is over 1.5% higher than what we’re seeing for primary residences now. Thank you!

  4. Posted by ExSFLandlord

    If you have Bay Area property that’s cash flow positive and stellar credit (700+) check with First Republic Bank.

  5. Posted by wcsf

    thank you!

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