According to the LA Times, average long term U.S. Mortgage rates rose a bit higher last week following three straight weeks of declines. There are still expectations that the Federal Reserve will raise rates this week at it's policy making meeting today and tomorrow. Mortgage buyer Freddie Mac said the average rate on a 30-year fixed-rate mortgage rose to 3.95% from 3.93% a week earlier. The average rate on 15-year fixed-rate mortgages increased to 3.19% from 3.16%.
The Key 30-year rate, at 3.93%, was slightly above last year's level, but higher than the end of October, when it stood at 3.76%.
The jobs data last Friday was strong, further bolstering the expectations of a rate increase.
Locally buyer demand, in the $500-800k price ranges, continues to show strength, while average homes prices are showing some signs of slowing down as compared with earlier this year.
Here are some local number's, home prices for September-November 2015 vs. same period last year:
Glendale + 3.1%
Burbank + 1.0%
Toluca Lake + 4.2%
Studio City - 1.0%
Hollywood Hills + 3.1%
Valley Village 0.0%
Sherman Oaks - 1.0%
Please let me know of any questions that I may help with or if I can provide you with specific information regarding your home! Ana Connell 818-795-8474, ana @anaconnell.com.
Weekly mortgage rates:
|30 yr. fixed rate||3.95||0.02|
|15 yr. fixed rate||3.19||0.03|
|5 yr. adjustable rate||3.03||0.04|
|1 yr. adjustable rate||2.64||0.03|
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