• 681

Long-term mortgage rates remain under 4 percent, affordability still high

Apr 6 2012 3:17PM

A recent report reveals that mortgage rates continue to offer potential buyers high affordability when combined with low home prices as rates are down from the previous week for the week ending April 5.

Freddie Mac's Primary Mortgage Market Survey shows the 30-year fixed mortgage rates averaged 3.98 percent, down from the week prior when the rate averaged 3.99 percent. This time last year, the 30-year FRM rate averaged 4.87 percent. Additionally, the 15-year FRM rate also fell slightly from the previous week, reaching 3.21 percent. A year ago, the 15-year FRM rate averaged 3.72 percent.

According to the survey, the 5-year adjustable-rate mortgage rate averaged 2.86 percent, down from the week before when it averaged 2.90 percent. This time last year the 5-year ARM rate averaged 3.75 percent.

While those looking to purchase homes for sale in Los Angeles County and other surrounding areas may be waiting for rates to fall more, many economists urge potential buyers to take advantage of the affordability currently being offered as rates are predicted to return to more than 4 percent in the near future.

Find a HOME

Today's Real Estate News

TheMLS.com Area Resource Guide

Bel Air / Holmby Hills
Beverly Center / Miracle Mile
Beverly Hills
Beverly Hills Post Office
Cheviot Hills / Rancho Park
Culver City
Downtown Los Angeles
Eagle Rock
Glassell Park
Hancock Park - Wilshire
Hollywood Hills East
Los Angeles Southwest
Los Feliz
Malibu Beach
Marina del Rey
Metropolitan South
Metropolitan Southwest
Mid Los Angeles
Mid Wilshire
Montecito Heights
Mount Washington
Pacific Palisades
Palms Mar Vista
Park Hills Heights
Playa del Rey
Playa Vista
Santa Monica
Silver Lake / Echo Parks
Sunset Strip
West Hollywood
West Los Angeles
Westwood / Century City

© 1995-2011 The MLS™     Terms Of Use | Real Estate Area Guide | Search Homes & Open Houses | CLAW Maps Beta | Forms | Rules & Regulations | Resources | Contact Us | Site Map