Following mixed reports throughout the start of 2012, mortgage rates in recent weeks have reached new all-time record lows making it more affordable to purchase real estate in Culver City and other Southern California areas.
Freddie Mac's Primary Mortgage Market Survey for the week ending February 9 shows that the 30-year fixed-rate mortgage averaged 3.87 percent, matching the record-low set the previous week. This time last year, the 30-year FRM averaged 5.05 percent.
Additionally, the survey found that the 15-year FRM averaged 3.16 percent, slightly up from week before when it was at 3.14 percent but down from a year ago when the 15-year FRM averaged 4.29 percent.
Results also show that the 5-year adjustable-rate mortgage went up, reaching 2.83 percent from the previous week's 2.8 percent while still lower than this time last year when the 5-year ARM averaged 3.92 percent.
Low mortgage rates continue to make the housing market affordable while other economic factors including employment are improving.
"A strong January employment report added upward pressure to most mortgage rates this week, said Frank Nothaft, vice president and chief economist of Freddie Mac. "The economy gained 243,000 jobs last month, the largest gain since April 2011, and the unemployment rate fell to 8.3 percent which was the lowest since April 2009."