Mortgage rates linger near record lows as housing market recovers
Sep 7 2012 3:35PM
Mortgage rates have been fluctuating in recent weeks as economic factors continue to influence the housing industry. While most market factors continue to improve, mortgage rates remain near record low levels set earlier this year, providing prospective buyers of homes for sale in Los Angeles County and surrounding areas high affordability when linked with relatively low home prices.
According to Freddie Mac's most recent Primary Mortgage Market Survey, average rates for long-term mortgages have either fallen or matched those marks reached last week. Data from the survey shows the average rate for 30-year fixed-rate mortgages for the week ending September 6 was 3.55 percent, down from the previous week's average of 3.59 percent. While rates have been on the rise in recent weeks, they remain lower than this time a year ago, when the 30-year FRM averaged 4.12 percent.
Additionally, the average rate for 15-year FRMs was 2.86 percent, matching last week's average and still significantly lower than this time last year when it averaged 2.96 percent.
Those looking for a shorter-term mortgage loan may be pleased to hear that the average rate for 5-year adjustable-rate mortgages was 2.75 percent, down from the previous week's average of 2.78 percent and quickly approaching the average from this time last year of 2.96 percent.