Mortgage rates have been see-sawing up and down a bit for the Palos Verdes real estate market. A 30-year fixed conforming loan is 4.875% which is a quarter percent higher than 2 months ago and a quarter percent lower than last week. A 5/1 Year ARM is 3.875% and a 5/1 Interest Only loan is 4%.
30-year Fixed Jumbo rates are 6.125% for borrowers with FICO scores over 740 and 30% down. A jumbo 5/1 Year ARM is 5.125% and a 5/1 Interest Only loan is 5.25%.
A mortgage broker I spoke with expects interest rates to continue their up and down cycle through the end of the year as the loan market reacts to the ups and downs of the stock market and consumer confidence.
