As the economy slowly recovers, housing market factors are also improving, as home prices and sales have been up in recent months. While higher mortgage rates may not seem appealing to prospective buyers of real estate in Marina del Rey and other surrounding areas, a strong housing industry benefits both buyers and sellers.
Freddie Mac’s Primary Mortgage Market Survey shows the average rate for 30-year fixed-rate mortgages was 3.59 percent for the week ending August 9. While this is up from the previous week’s average of 3.55 percent, it remains considerably lower than this time last year when it was 4.32 percent.
Data from the survey also shows the average rate for 15-year FRMs was 2.84 percent, up slightly from the week before when it averaged 2.83 percent. This type of mortgage is still more affordable than a year ago, when the average was 3.5 percent.
This marks the second week of higher mortgage rates after several weeks of reaching new record lows. While low rates do make becoming a homeowner more affordable, especially for first-time buyers, higher mortgage rates indicate a stronger housing market.