Tuesday, June 19, 2012

Mortgage rates begin to climb

After 6 weeks of plummeting mortgage rates Los Angeles and elsewhere, including the lowest rates in history a week ago,  according to Freddie Mac the average rate has begun to climb slightly this week. Rates still remain very low, with only a marginal increase, reflecting the beginning of the rise that has been predicted by housing market experts.
The 30-year mortgage rate average rose from 3.67 percent to 3.71 percent on Thursday, while the 15-year inched up from 2.94 percent to 2.98 percent. Last year's average rates at this time were 4.5 percent for the 30 Year, and 3.67% for the 15 year.
These rates indicate that it is still an optimal time to buy a first home or refinance, and that time may be running out.

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