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Michael Thomson's Blog

By Michael Thomson | Agent in Los Angeles, CA

Mortgage rates post second week of gains

Mortgage rates have moved higher off of record lows for the second consecutive week amid signs that the U.S. job market is stabilizing, according to a weekly survey by Freddie Mac.

For 30-year fixed-rate mortgages, rates averaged 3.59 percent with an average 0.6 point for the week ending Aug. 9, up from 3.55 percent last week but down from 4.32 percent a year ago, according to Freddie Mac's Primary Mortgage Market Survey. Rates on 30-year fixed-rate mortgages hit an all-time low in Freddie Mac records dating to 1971 when they fell to 3.49 percent during the week ending July 26.

Rates on 15-year fixed-rate mortgages averaged 2.84 percent with an average 0.6 point, up from 2.83 percent last week but down from 3.5 percent a year ago. Rates on 15-year fixed-rate mortgages hit a low in records dating to 1991 of 2.8 percent during the week ending July 26.

For five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) loans, rates averaged 2.77 percent with an average 0.6 point, up from 2.75 percent last week but down from 3.13 percent a year ago. Rates on five-year ARM loans hit a low in records dating to 2005 of 2.74 percent during the week ending July 26.

Rates on one-year Treasury-indexed ARMs averaged 2.65 percent with an average 0.4 point, down from 2.7 percent last week and 2.89 percent a year ago. Rates on one-year ARMs hit an all-time low in records dating to 1984 of 2.68 percent during the week ending July 5.

A separate survey by the Mortgage Bankers Association showed demand for purchase loans during the week ending Aug. 9 was down a seasonally adjusted 2 percent from the week before, and off 12 percent from the same time a year ago. Applications to refinance accounted for 81 percent of all mortgage loan applications.

Michael Thomson is a full time Realtor with the Keller Williams Sunset Strip Office.  He has lived in Los Angeles for over 20 years and specializes in the Hollywood Hills, Beverly Hills, West Hollywood, Hancock Park and Beverly Center-Miracle Mile areas.  Feel free to call for questions at 310-927-8422 or visit the website at CityHomesLA .

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