Tuesday, July 31, 2012

Today's mortgage rate news from Los Angeles broker

More news for our clients looking to buy or refinance in Los Angeles:
The real estate website Zillow today announced that average 30-year mortgage rates have reached a new all-time low. Zillow estimates mortgage rates in real time based on thousands of custom mortgage quotes. The quotes are submitted daily to anonymous borrowers through the company's website. This news shows a continuation of the trend seen for much of this year of mortgage rates continuing to drop to historic lows.
Zillow said their 30-year fixed mortgage rate edged down to 3.34% from 3.35% last week, which was previously the all-time low since Zillow's Mortgage Marketplace was launched in April of  2008.
The rate had most recently risen to 3.53% on Sunday, after European Central Bank President Mario Draghi stated his institution would take aggressive action to restore the health of the region, boosting public confidence. Erin Lantz, director of Zillow Mortgage Marketplace, said the rate is expected to remain in a set range for the long-term, until the euro zone's future becomes clearer.
Today, Zillow said the rate for a 15-year fixed home loan fell to 2.74%, down from 2.8% a week ago.The rate for a 5-1 adjustable-rate mortgage sank to 2.44%, from 2.52% the week before. A 5-1 ARM has an initial rate that applies for the first five years of the loan and then adjusts annually.

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