Mortgage rates return to record lows after a brief increase
Jun 21 2012 4:40PM
After mortgage rates went up following six consecutive weeks of record lows, a new report shows the 30-year fixed-rate mortgage average has fallen to a new record low. Lower mortgage rates continue to provide potential homeowners with high affordability when purchasing real estate in Los Angeles County.
Freddie Mac's Primary Mortgage Market Survey for the week ending June 21 reveals 30-year fixed-rate loans averaged 3.66 percent, down from the previous week when they averaged 3.71 percent. This time last year, the 30-year FRM rate was 4.50 percent, notably higher than rates have been throughout 2012.
The 15-year fixed rate mortgage also fell from the week before, slipping to 2.95 percent from 2.98 percent, but is still slightly above its record low set earlier this year. A year ago, the 15-year FRM averaged 3.69 percent.
Potential homeowners who are not a fixed-rate loan product may opt to obtain a 5-year adjustable-rate mortgage, which average also reached a new record low of 2.77 percent. A week ago, the average rate was 2.8 percent, and last year it was 3.25 percent.