O.C. Mortgage Gap Widens

For the week that ended Thursday, the average rate in Orange County for a 30-year, fixed-rate loan up to the old conforming limit of $417,000 fell to 5.912 percent with a one-point fee. That's down from 5.922 percent last week. Yet the average on a similar jumbo loan - one above the old limit but not sold to a government-sponsored buyer - rose to 7.023 percent, up from 7.007 percent last week. The gap between the rates grew to 1.1 percentage points after falling for three straight weeks from a peak of 1.2 percentage points. Also, the average rate on a 30-year loan fixed for one year fell to 5.198 percent with a one-point fee. That's also up to the old conforming limit.