Today, 5/16/2013 Freddie Mac reported that the average mortgage interest rate for 30 year fixed-rate mortgage was 3.51% up from 3.42% last week. The average interest rate for 15 year fixed-rate mortgages was 2.69%, up from 2.61% last week. A year ago the 30 year rate was 3.79%.
Last week when rates rose, I asked: "Could the party be over? Will intersest rates continue to rise?" Well, at least this week we have a partial answer and it is "Yes". We now have to wait to see if this becomes a trend as many think it will. Also keep in mind that in many parts of the country, home inventories are dropping which tends to push prices higher as well.
Freddie Mac's Vice President said,
- "Mortgage rates followed U.S. Treasury bond yields higher this week on signs
of stronger consumer spending. Advanced retail
sales rose 0.1 percent in April, above the market forecast consensus of a
0.3 percent decline. Excluding such items as automobiles and gasoline, sales
were up 0.5 percent for the second time in three months.
- "Households are also shoring up their balance sheets. Total household
debt fell by about $110 billion in the first quarter. In addition,
approximately 3.0 million homeowners were seriously
delinquent (90 days or more delinquent or in foreclosure) on their first
mortgages, down from a peak of about 5.1 million in the fourth quarter of 2009."
Do keep in mind that we are a very large country, So figures that come out for the entire nation, may have little or no relevance for your particular area. In the end, it is best if you speak with a local REALTOR or financing expert to see what the situation is for your part of the United States. Florida is not Michigan, nor is Maine the same as California. Market conditions can be very different from place-to-place. Also, your own credit history, the property you want to buy, etc. will effect your specific loan options and interest rates. Your mortgage broker or bank loan officer can give you more specific information.
If you want to learn more about Freddie Mac or see the details of their survey, go to: www.freddiemac.com and click on the link for "Current Weekly Survey". They break down the survey by specific regions in the United States so you can see how your state compares to other parts of the country. They also explain the mission of Freddie Mac and offer a lot of useful information for consumers.
If you would like to speak with a local lender you can find several at my website: www.jelwell.century21bnr.com
You can also contact your own bank, credit union, or mortgage broker to see what your particular interest rate would be, should you decide to finance a home purchase.
I would also be happy to assist you in any way that I can. Just call JOHN ELWELL - REALTOR at CENTURY 21 Bill Nye Realty, Inc. : 813-783-4444 or e-mail me at: firstname.lastname@example.org You are also welcome at my webpage: www.jelwell.century21bnr.com Licensed in Florida.