Housing relief? Mortgage rates in Orange County fell for both conforming and jumbo loans this week.
The average rate for a conforming 30-year fixed mortgage fell to 6.187 percent and the average rate on a 30-year fixed jumbo loan — over $417,000 in California — dipped to 6.902 percent, reports Newspaper Chart Services. (Both are with a one-point fee.) This marks the first time in 10 weeks the jumbo rate is below 7%.
The gap between the two loan types continues to narrow. Here’s a table showing the trend since jumbo rates peaked in September:
| Date | Jumbo | Conf. | Gap |
|---|---|---|---|
| 6-Sep-07 | 7.570 | 6.217 | 1.353 |
| 13-Sep-07 | 7.340 | 6.161 | 1.179 |
| 20-Sep-07 | 7.240 | 6.147 | 1.093 |
| 27-Sep-07 | 7.210 | 6.211 | 0.999 |
| 4-Oct-07 | 7.100 | 6.177 | 0.923 |
| 11-Oct-07 | 7.069 | 6.200 | 0.869 |
| 18-Oct-07 | 6.902 | 6.187 | 0.715 |
Market movements are daily. There is a difference between the 10 Year Treasury Bonds and the Mortgage Backed Securities. The daily report is available that gives current and correct information for any homeowner. http://www.contactherrick.com