• 681

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.

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