The 30-year fixed-rate mortgage continued to rise slightly for the third straight week, but still remains low by historical standards, reports Freddie Mac in its weekly mortgage market survey. The 30-year rate averaged 4.87 percent this week, but continues to be well-below its average of 5.21 percent a year ago.The 15-year fixed-rate mortgage this week averaged 4.1 percent, up slightly from last week’s 4.09 percent.
The 5-year adjustable-rate mortgage also is inching up slightly, averaging 3.72 percent this week from 3.7 percent last week.
Overall, “mortgage rates were little changed after an encouraging employment report from the Bureau of Labor Statistics,” says Frank Nothaft, the chief economist at Freddie Mac. The improved job picture could soon provide a boost to housing. The unemployment rate fell for the fifth consecutive month in March to 8.8 percent–the lowest rate in two years, Nothaft notes.
Mortgage rates are inching their way up, slowly, but this is still a great time to buy real estate. The Ventura real estate market has been very active, especially the entry level and the high end.
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