Thursday, October 18, 2012

Today: Mortgage rates plummet again- Los Angeles refinance

Los Angeles mortgage rates expert Bill Rayman brings you the latest mortgage news updates on this blog.
In today's news, from NBC news wire reports:

"The average U.S. rate on a 30-year fixed mortgage has fallen to near its record low set earlier this month.
The rate on the most popular mortgage dipped to 3.37 percent from 3.39 last week, mortgage buyer Freddie Mac said Thursday. Two weeks ago, the rate reached 3.36 percent, its lowest level on records dating to 1971.
The average rate on the 15-year fixed mortgage, often used for refinancing, set a record low of 2.66 percent, down from last week's 2.7 percent.
Cheaper mortgages are helping fuel a modest but steady housing recovery.  
"Mortgage rates remained more or less unchanged this week as home construction builds up steam," said  Frank Nothaft, vice president and chief economist, Freddie Mac. "Construction on single-family homes jumped to an annualized rate of 11 percent in August, the strongest pace since August 2008. Over the first nine months of the year, single-family starts were 23 percent higher than the same period last year," he added."

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