While many potential buyers of real estate in Hollywood and surrounding areas may be waiting for home prices to drop again, a new report reveals mortgage rates are still at or near record low levels.
Freddie Mac's Primary Mortgage Market Survey for the week ending June 28 shows average fixed mortgage rates are mostly unchanged from the previous week. The average rate for 30-year fixed-rate mortgages was 3.66 percent, matching the previous week when it reached an all-time record low. This time last year, the 30-year FRM average was 4.51 percent.
While the 30-year matched reports from the week before, the average rate for 15-year fixed-rate mortgages fell slightly from 2.95 percent to 2.94 percent. Both averages remain far lower than a year ago, when the 15-year FRM averaged 3.69 percent.
"Mortgage rates were virtually unchanged this week hovering at or near record lows and should further help to support a recovering housing market," said Frank Nothaft, vice president and chief economist of Freddie Mac.
Different housing market reports show mixed results regarding home prices, but low mortgage rates can offset slight increase for those making a purchase.