The Orange County (Calif.) Register contributing columnist Jeff Lazerson shares the latest on mortgage rates via Freddie Mac's weekly survey, which shows the 30-year fixed rate mortgage dropping, by three basis points, to 3.76%.

The 15-year fixed was unchanged, though, remaining below 3%, at 2.98%. 

Assuming a borrower gets the average 30-year conforming fixed rate on a $417,000 loan, last year’s rate of 3.98 percent and payment of $1,986 is $52 more than this week’s payment of $1,934.

Locally, you can get the following Federal Housing Administration loans for zero points: a 15-year fixed at 2.75 percent, a30-year fixed at 3.375 percent, and a 5/1 adjustable rate mortgage (fixed for five years and adjusting annually each year after that) at 3.125 percent.

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