Mortgage rates move up slightly from weeks of new record lows
Aug 2 2012 3:51PM
After weeks of new record lows for fixed mortgage rates, a new report reveals rates, along with other economic factors, are improving. While higher rates may not seem ideal for prospective buyers of homes for sale in Los Angeles County, they still remain significantly lower than a year ago.
Freddie Mac's most recent Primary Mortgage Market Survey reveals the average rate for 30-year fixed-rate mortgages was 3.55 percent, up from the previous week's record-low of 3.49 percent. This time last year, the average 30-year FRM was 4.39 percent.
The average rate for 15-year FRMs also increased during the week ending August 2, reaching 2.83 percent. A week ago it averaged 2.8 percent but it still notably lower than in 2011 when the average rate was 3.54 percent.
Additionally, the 5-year adjustable-rate mortgage rate averaged 2.75 percent, moving up from the 2.74 percent recorded last week and lower than the 3.18 percent average a year ago.
A mix of reports show other housing market factors including home prices and sales have also been improving in recent months. Prospective buyers are urged to begin their home search while mortgage rates continue to provide high affordability, as economists and other industry experts predict these conditions will not last indefinitely.
