Rates on 30-year fixed-rate loans fell across the country for the week ended Thursday to an average of 4.96%, the lowest in at least 38 years, says mortgage giant Freddie Mac. It began tracking rates in 1971.
The company, now owned by the federal government, said consumers paid an average fee of 0.7 point to get a rate under 5%. In Orange County, brokers have been saying for weeks that consumers can get less than 5% to purchase or refinance a home.
Jeff Altman, a partner with WestCal Mortgage Corp. in Orange, said homebuyers with good credit and a 20% down payment can get a rate of 4.875% with a one-point fee. Those who choose not to pay an origination fee can get a rate in the range of 5.250% to 5.375%, he said.
Those rates are for loans up to the old conforming limit of $417,000. If consumers want to borrow an amount between that and the new conforming rate of $625,500, they might pay a rate about a quarter of a percentage point more, he said.
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