Los Angeles Real Estate: Mortgage Rates At 37 Year Lows
Monday, December 29, 2008
Rates on Los Angeles 30-year-fixed mortgages dropped last week to their lowest levels in at least 37 years, as the Federal Reserve pledged to pour money into the mortgage market in an effor spur the moribund U.S. housing market.
Freddie Mac, the mortgage company, reported today that average rates on 30-year fixed-rate mortgages dropped to 5.19 percent, down from the year's previous low of 5.47 percent, set last week.
The rate is the lowest since Freddie Mac's weekly mortgage rate survey began in April 1971.
With rates this low it is a great time to think about buying a Los Angeles home. Learn more about Los Angeles real estate by visiting EileenWalshRealtor.com.
