Mortgage rates move up, still offer high affordability for buyers
Mar 15 2012 3:40PM
A recent report reveals that mortgage rates for the week ending March 15 increased but are still below 4 percent, providing potential buyers and current homeowners great opportunities for purchasing and refinancing.
Freddie Mac's Primary Mortgage Market Survey shows the 30-year fixed-rate mortgage rate averaged 3.92 percent, up from the previous week when it averaged 3.88 percent but is much less than this time last year when the 30-year FRM averaged 4.76 percent.
The 15-year FRM rate was also up, averaging 3.16 percent compared to the week before when it averaged 3.13 percent. Freddie Mac notes that a year ago, the 15-year FRM averaged 3.97 percent.
Additionally, the 5-year adjustable-rate mortgage rate averaged 2.83 percent, higher than last week's average of 2.81 percent and well below this time last year when the 5-year ARM rate averaged 3.57 percent.
While many potential buyers in Southern California have been waiting for rates and home prices to reach their lowest before looking for a home, real estate experts say the market will continue to be in their favor.