Tuesday, August 7, 2012

Mortgage rates rising after 13-week plunge

If you have been considering buying or refinancing in Los Angeles, you may have been watching as average U.S. mortgage rates have been falling to new record lows week after week for the past few months. The current rates reflect the lowest we have seen since long-term mortgages began in the 1950's.
But this week, the trend finally showed an upward change. On Thursday, the 30-year loan jumped to 3.55 percent up from 3.49 percent last week, reported mortgage buyer Freddie Mac. The average rate on the 15-year fixed mortgage, a popular refinancing option, jumped from 2.80 last week to 2.83.
Mortgage rate experts are all weighing in with their predictions on whether this trend will continue, but what we know for sure is that it is still an excellent time to consider buying or refinancing your home. As a mortgage broker, we help people find the best rates and navigate the process, so give us a call before you buy or refinance. You don’t have to figure it out alone.

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