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I am the author of this blog and also a top-producing Loan Officer and CEO of InstaMortgage Inc, the fastest-growing mortgage company in America. All the advice is based on my experience of helping thousands of homebuyers and homeowners. We are a mortgage company and will help you with all your mortgage needs. Unlike lead generation websites, we do not sell your information to multiple lenders or third-party companies.

rates-300x30030 Year Fixed and 15 Year Fixed Mortgage Rates continue to edge up for California Refinance and Home Purchase borrowers. In the latest Freddie Mac survey, the 30 Year Fixed rates are at 3.41% with 0.7 points up from 3.37% last week. The 15 Year Fixed rates are at 2.72% with 0.6 points, up from 2.66%. Adjustable rate mortgages (ARM) remained the same as last week. reported a 3.47% rate for 30 Year Fixed Mortgage and 2.85% for 15 Year Fixed Mortgage. Note that these average rates are for conforming mortgage loans below the $417,000 limit.

According to Mortgage Bankers Association (MBA) report released yesterday, the the average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (between $417,001 and $625,500) increased to 3.85% from 3.81%, with points remaining unchanged at 0.42 (including the origination fee) for 80% loans. The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA increased to 3.41% from 3.34%, with points decreasing to 0.61 from 0.82 (including the origination fee) for 80% loans.

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Since hitting the record lows in first week of October after the Fed announcement, rate has increased albeit slowly. It has been on the back of better than expected economy and employment news. Also, some positive news from Europe has helped in driving down Mortgage Back Securities (MBS) price and thus increasing the mortgage rates.

The bond and mortgage markets have been weak for the past few weeks. Today’s rate increase is additional confirmation that the bond markets are struggling to keep from increasing. At the same time, we are not looking for interest rates to increase much, just that we don’t expect them to decline much either. The Fed’s QE programs should keep rates from increasing, but equally the Fed is pushing the string if expecting interest rates will decline to those lows seen in early October.

If you are shopping for mortgage rates for a home in California (CA), Washington (WA) and Oregon (OR), contact us to see how we offer faster closing and better rates than most of the bigger banks.