Florida Real Estate Blog

In Florida Real Estate: Who Bought What? Where & Why Did They Buy It? Who Helped Them? Etc.

The Florida Association of REALTORs (FAR) had the National Association of REALTORs (NAR) prepare an annual report that reveals the characteristics of home buyers and sellers in the State of Florida for 2007. It is interesting to see what characteristics the buyers and sellers possess, and how they went about buying and selling properties in our state. It is also interesting to see how we compare to the rest of the United States.

Here are some of the highlights. You can download the complete report using the link I created at the bottom of this post.

BUYERS

• 38% of buyers were purchasing their first homes.
• Average home buyer was 43 years old.
• 64% had no children living at home.
• 59% were married.
• 21% were single females.
• 12% were single males.
• 6% were unmarried couples.
• 18% were not native-born Americans.
• 27% of the homes were "new construction" as opposed to resale homes.
• 58% were detached single-family homes.
• Average price in Florida was $230,000 as opposed to the national average of $215,000.
• Current buyers believe they will remain in their homes an average of 10 years.
• 80% of buyers used the internet to search for homes to buy.
• 72% felt that the internet was a VERY useful tool during their searches.
• 84% employed the services of a real estate agent or broker to conduct searches.
• 71% Used an agent or broker to purchase their homes.
• 68% plan on using the same agent in the future.
• 98% believed that honesty and integrity were the most important characteristics of a good agent or broker.
• 90% of buyers financed their purchases.
• 47% believe that purchasing a home is a better investment than buying stocks.

Sellers

• 51% of Sellers were "trading up" to larger properties.
• Most had owned their homes 6 years.
• Typically their homes had been on the market for 10 weeks before selling.
• 79% used the services of a real estate agent to sell their homes. Only 17% tried to go it alone.

To download the entire report which contains more information and also some useful graphs and charts, click on the following link: Download 2007_HBS_Custom_Report_FL.pdf

For more information or questions about this topic please call me at: 813-783-4444 or e-mail me at: jelwell1@tampabay.rr.com

I also invite you to visit my my website where I think you will find a lot of useful information. To get there just click on the following link: www.jelwell.century21bnr.com

PRICE REDUCED! Wonderful Furnished Double-Wide Mobile Home For Sale in Zephyr Shores near Zephyrhills, Florida

This clean and neat double-wide mobile home is located in the Zephyr Shores subdivision, just to the west of Zephyrhills, Florida. Whether you are looking for a year round home or a place to escape the cold winter winds, this home might be just what you are searching for. It is being sold furnished and has been updated in many ways. The seller has even added a nice deck just off the master bedroom for you to enjoy! Though most of the park is dog free, you may have a small dog up to 20 pounds in this section. This not a rental park. You own the lot here. Low homeowner association fees of just $275/year cover use of the pool, clubhouse, and shuffleboard courts. Trash pick-up is also included in the fees. Due to its location you will have only short trips to supermarkets, supercenter, parks, restaurants, and medical facilities. As you can see from the following pictures, this home has a lot to offer. Now priced at just $69,900! Click on any picture to enlarge it for easier viewing. For more information or to arrange a tour call John Elwell - REALTOR® at CENTURY 21 Bill Nye Realty 813-783-4444 or e-mail me at: jelwell1@tampabay.rr.com

I also invite you to visit my my website where I think you will find a lot of useful information. To get there just click on the following link: www.jelwell.century21bnr.com

$17,000 PRICE REDUCTION! Double-Wide Mobile Home For Sale in South Hill Park Near Zephyrhills, Florida

  The owner of this home in the South Hill Mobile Home Park just to the west of Zephyrhills, Florida has reduced its price by $17,000! It has two bedrooms, two baths, and a two car carport. The home also features a screened covered patio, vaulted ceilings, and utility room. Range, refrigerator, microwave oven, washer and dryer are included in the sale.

This is not a rental park. You own the land. Deed restrictions do exist and this park does appear on Florida's list of 55+ parks. The subdivision amenities include a recreation building, community pool, and shuffleboard courts. Due to its location you have very easy access to parks, supermarkets, restaurants, supercenters, and medical facilities. Yet the fees in this park are just $25 per month!

This home will not last long now at just $59,900.

For more information or to arrange a tour please call me at: 813-783-4444 or e-mail me at: jelwell1@tampabay.rr.com

I also invite you to visit my my website where I think you will find a lot of useful information. To get there just click on the following link: www.jelwell.century21bnr.com 

Your Real Estate Agent and REALTOR in Zephyrhills, Florida

If you are looking for a home in the Zephyrhills or Eastern Pasco County, Florida, I would be happy to assist you. The same applies if you are thinking about selling your home here. Even in this slower market, I am selling homes for my customers and finding homes for my buyers.

Today the most important ingredient in marketing a home is its exposure on the internet. I take great pride in my use of sites like this weblog, as well as over 30 other sites that help tell the public that your wonderful home is available for purchase. The majority of my leads now come to me via the internet. I know of no other agents in this area that utilize the web as much as I do!

Many years ago I was reared on a farm in Western New York and I know what hard work is. I also worked as a teacher and a school director for more than 20 years, both in the United States and in Spain. In those roles I helped students achieve their goals. Now as a REALTOR I work hard to help my customers achieve some of the most important goals of their lives. Selling and/or buying properties.

So if you are considering selling or buying real estate in Zephyrhills or Pasco County, Florida, please contact me. I would greatly appreciate the opportunity to discuss the ways that I can assist you. As my motto goes, You Deserve a Full-Time, Full-Service REALTOR, Not Reduced Results!

For more information or questions about this topic please call me at: 813-783-4444 or e-mail me at: jelwell1@tampabay.rr.com

I also invite you to visit my my website where I think you will find a lot of useful information. To get there just click on the following link: www.jelwell.century21bnr.com

Huge Homeowner Rescue Plan Passed by US House of Representatives

It is being reported from several media sources that yesterday the House of Representatives passed a bill that would give homeowners cheaper goverment-supported mortgages to 500,000 mortgage holders who find themselves in economic peril. The vote was 266 in favor and 154 against, with 39 Republicans crossing over to support the plan.

Of course, our good friend and President has said he will veto such a plan to aid people who are in danger of losing their homes and the investments they represent. (Maybe if our names were Haliburton, Chrysler, or Bear Stearns he would be more willing to help).

The plan would let the Federal Housing Administration accept an additional $300,000,000,000 in new mortgages so that borrowers could avoid foreclosure and refinance their homes. Sen. Barney Frank said that we are in a recession and "Diminishing the number of foreclosures is in the interest of not simply those who will avoid foreclosure, but people in their neighborhoods, in the cities in which they are located, and the whole economy."

The plan is to be used for those homeowners facing foreclosure and those who now owe more on their homes than the property is worth.

Bush says that we cannot fund a program to bail out lenders and speculators. He tends to forget that most of these borrowers were given bad advice by their lenders and most are not speculators, but are residents of the homes they bought. In other times it appeared that this administration always wanted to bail out businesses that were in trouble, especially big ones like banks/lender, etc. Now, it almost appears that since small homeowners are involved, Bush wants to do nothing to help them. Ignoring the trickle down effect this slump is causing related and unrelated businesses.

Oh well. Another case of infighting in the federal government. In the end it is unlikely that anything beneficial will come from that bunch. At least not until after the elections in the fall. Once the dust has cleared maybe (and that is a big MAYBE) something will happen. My bet is that in time the economy will pick up whether the government gets involved or not. Just like a cold. You can treat it, go to the doctor, or leave alone. In the end, it will improve all by itself.

For more information or questions about this topic please call me at: 813-783-4444 or e-mail me at: jelwell1@tampabay.rr.com

I also invite you to visit my my website where I think you will find a lot of useful information. To get there just click on the following link: www.jelwell.century21bnr.com

This Year's Most Unusual Findings By ASHI Home Inspectors

Des Plaines, Ill. (April 2, 2008) - Most of the time it takes the trained eye of a professional home inspector to identify defects or potential hazards within a home.  On some occasions, however, certain maintenance issues are easy to spot.  Each year, the American Society of Home Inspectors (ASHI) releases unusual home inspection discoveries from the field.  This year, to remind consumers that April is National Home Inspection Month, the Society is sharing some of its most unusual, yet obvious, finds.

The photos below were submitted by ASHI Certified Inspectors and published in ASHI's publication, the ASHI Reporter.  Photos appear monthly in ASHI's "Postcards from the Field" section.

"Some of the most unusual discoveries I've made as a home inspector have happened while I was inspecting dark crawl spaces, attics and roofs," said Brion Grant, 2008 ASHI president. "From time to time, though, I spot some pretty unusual and potentially dangerous issues simply by walking into a room."

Shocking Discoveries

 

 

Electrical outlets come in all shapes and sizes, but even John Fryer, an ASHI Certified Inspector from Oakland, Calif., was stumped by this unique contraption. While Silicon Valley (the site of this finding) is lauded as a premier location for creative minds and innovation, this improvised design is more dangerous than ingenious.

 

 

 

 

Speaking of dangerous electrical situations, take a look at this photo.  ASHI Certified Inspector Matt Fisher of Bloomington, Ind., discovered an electrical outlet inside the shower of this newly remodeled bathroom.  He also pointed out that the toilet paper dispenser is inside the tub, too.

 

"When I look at this picture, I can't help but wonder what was going through the contractor's head when he installed that outlet," said a puzzled Grant. "The outlet doesn't even have a ground fault circuit interrupter. Sometimes a shower is all you need to jump start your morning ... but this seems extreme."

 

 

 

It All Falls Down

 

 

ASHI's founder, Ron Passaro of Bethel, Conn., advised the owner of this home to take caution when walking out this door.   Watch out, that first step can be a little tricky. 

 

 

 

 

 

 

Each year, ASHI emphasizes the importance of winterizing outdoor faucets as part of an ongoing winter maintenance regimen.  While inspecting this home in Hopedale, Mass., however, ASHI Certified Inspector Ron Cook concluded that this homeowner did not heed the Society's advice.
    

 

 

 

When Enough is Too Much

 

 

The owner of this home in Bartlett, Tenn., does not appear to believe in the expression "all things in moderation."  There are six hoses connected to the faucet shown here.  ASHI Certified Inspector Brandon Dyles said the homeowner was hoping it would pass as a "sprinkler system."

 

 

The images above are a few examples of the real life discoveries ASHI Certified Inspectors have uncovered over the last year.  By working with a home inspector, homeowners can identify potentially dangerous fixes that might compromise the structure and integrity of their home and pose immediate and long term safety risks to its inhabitants.  While most homeowners only consider home inspections when buying or selling a home, home safety inspections are the perfect way for a concerned relative to keep a loved one, such as an aging parent, safe.

About the American Society of Home Inspectors

In its 31st year and with nearly 6,000 members, ASHI is the oldest and most widely recognized non-profit, professional organization of home inspectors in North America. Its Standards of Practice and Code of Ethics are the industry standard. ASHI’s mission is to meet the needs of its membership and promote excellence and exemplary practice within the profession.  For more information, visit www.ASHI.org or call 800-743-2744.

To become an ASHI Certified Inspector, ASHI members must pass two written tests, including the National Home Inspectors Examination, and have performed a minimum of 250 professional fee-paid inspections conducted in accordance with ASHI’s Standards of Practice and subscribe to the Code of Ethics. ASHI Certified Inspectors are also required to obtain 20 continuing education credits per year to keep current with the latest in building technology, materials and professional skills.

To find out more about home inspections you can visit my my website and click on the Inspection menu button on the left-hand side of the page. To get there just click on the following link: www.jelwell.century21bnr.com You will also find a link there to the American Society of Home Inspectors (ASHI) website.

Tampa Area Housing Recovery Predicted for Second Half of 2008

Lawrence Yun, the chief economist for the National Association of REALTORs was in Tampa recently. He had some good news for home buyers, sellers, and REALTORS in the west central area of Florida.

It is his opinion that recovery should begin after August of this year. Though we hear doom-and-gloom on the television, Yun said there are several indicators that could be omens of better days to come.

1. It appears that the worst may have already passed us in the Tampa area.

2. There are many qualified home buyers who have been sitting on the fence for a long time and there is increased pressure for them to make a move in the future. Fears that mortgage rates and home prices could rise may push them off that fence.

3. Risky loan products are now being replaced by safer lending products.

4. Mortgage rates remain at historically low levels.

5. Housing starts are way down and this allows stale inventory to disappear, thus creating greater demand in the coming months and next year.

For those of us who have been around a while, we know that our current situation is not all doom and gloom. We are not in the boom of a couple of years ago, but we are not doing all that badly. Do any of you remember back in the late 70's and early 80's when mortgage interest rates were nearly 20%??

I will close on 3 homes next week. Sellers are selling and buyers are buying. The important thing is that buyers and sellers see our current situation in realistic terms and not dwell on the minuses. There are some, but there are lots of great plusses too. Like low interest rates, low home prices which translate into lower property taxes and lower insurance rates. More homes to choose from so sellers will negotiate.

It will be interesting to see if Mr. Yun's forecast comes true. I for one am optimistic!

For more information or questions about this topic please call me at: 813-783-4444 or e-mail me at: jelwell1@tampabay.rr.com

I also invite you to visit my my website where I think you will find a lot of useful information. To get there just click on the following link: www.jelwell.century21bnr.com

Soft Existing-Home Sales Expected Near-Term But to Rise Midsummer

WASHINGTON, May 07, 2008

A flat pattern in home sales activity should continue for the next couple months before improving over the summer, according to the latest forecast by the National Association of Realtors®.

Lawrence Yun, NAR chief economist, said the extent of an expected recovery hinges on better access to affordable loans. "Things are beginning to improve, but the availability of affordable mortgages is uneven around the country and sometimes within metropolitan areas," he said. "As anticipated, we continue to look for a soft first half of the year, for both housing and the economy, before notable improvements in the second half. Some time is needed for FHA and new conforming jumbo loans to become widely available."

The Pending Home Sales Index,* a forward-looking indicator based on contracts signed in March, edged down 1.0 percent to 83.0 from a downwardly revised level of 83.8 in February, and was 20.1 percent lower than the March 2007 index of 103.9.

NAR President Richard F. Gaylord, a broker with RE/MAX Real Estate Specialists in Long Beach, Calif., said additional costs in many markets are hindering a recovery. “Our members are telling us that more buyers are looking at homes but are slow in signing contracts, and that’s contributing to the weakness in pending home sales,” he said. “In many cases buyers are waiting for greater access to affordable credit, especially in higher cost areas, but some are disappointed with what appears to be unnecessarily restrictive lending requirements. The good news this week is there is some discussion toward relaxing some of the burdensome lending practices.”

The PHSI in the Northeast jumped 12.5 percent in March to 80.8 but remains 15.4 percent below a year ago. In the South, the index slipped 0.1 percent to 84.9 and is 26.7 percent lower than March 2007. The index in the West declined 1.4 percent in March to 91.2 and is 9.5 percent below a year ago. In the Midwest, the index fell 10.4 percent in March to 74.1 and is 22.3 percent below March 2007.

Existing-home sales are projected to rise from an annual pace of 4.95 million in the first quarter to 5.82 million in the fourth quarter. For all of 2008, existing-home sales are likely to total 5.39 million, and then rise 6.1 percent to 5.72 million next year. “Although more than half of local markets are expected to see price growth this year, the aggregate existing-home price will decline 2.4 percent in 2008, driven by a relatively few markets that are very oversupplied,” Yun said. The median price is forecast at $213,700 this year before rising 4.1 percent to $222,600 in 2009.

Some areas already are seeing sales increases, underscoring that all real estate is local. In March, unpublished snapshot data shows sales in Bakersfield, Calif., and Jackson, Miss., were higher than a year ago. At the same time, price gains were noted in markets such as Buffalo-Niagara Falls, and Cedar Rapids, Iowa. On May 13, NAR will report first-quarter data on metropolitan area home prices, covering about 150 metro areas, and state home sales.

"Although some market adjustments are necessary, a downward overshooting of the housing market would cause unnecessary loss in economic output, income and jobs," Yun said. "It is critical to stimulate housing demand by inducing fence sitters back into the market. A home buyer tax credit on any home purchase would accomplish that."

New-home sales are expected to fall 30.9 percent to 536,000 this year before rising 10.1 percent to 590,000 in 2009. Housing starts, including multifamily units, will probably drop 29.5 percent to 955,000 in 2008, and then rise 1.3 percent to 967,000 next year. The median new-home price is estimated to fall 3.7 percent to $238,000 this year, and then rise 5.4 percent in 2009 to $250,900.

The 30-year fixed-rate mortgage is likely to rise gradually to 6.2 percent by the end of the year, and then average 6.3 percent in 2009. NAR’s housing affordability index is expected to rise 10 percentage points to 127.0 for all of 2008.

Growth in the U.S. gross domestic product (GDP) should be 1.5 percent this year and 2.3 percent in 2009. The unemployment rate is projected to average 5.3 percent in 2008 and 5.5 percent next year.

Inflation, as measured by the Consumer Price Index, is seen at 3.4 percent this year and 2.2 percent in 2009. Inflation-adjusted disposable personal income is forecast to grow 1.2 percent in 2008 and 3.0 percent next year.

Source: National Association of REALTORs Media Release

30 Mortgage Rates Up a Bit, 15 Year Rates Down a Bit: Says Freddie Mac

Today 5/8/08 Freddie Mac reported that the average mortgage interest rates for 30 and 15 year fixed-rate loans have moved VERY slightly, one up and one down. Nationally the average mortgage interest rate for 30 year fixed-rate mortgages was 6.05% (6.04% in the southeast), down from 6.06% a week ago. The average interest rate for 15 year fixed-rate mortgages was 5.60%, up from 5.59% last week. A year ago the 30 year rate was 6.21%. These were changes hardly worth reporting.

Even though the housing market is still in the doldrums, the mortgage interest rates hardly wavered from last week's averages. This is partly due to better-than-expected economic news that showed that our economy still had some "staying power", said Freddie Mac spokespersons.

Less jobs were lost in April and the service and manufacturing sectors exceeded expectations. Worker productivity was also up. The housing market is still struggling, but we are a large country and some areas are doing worse and others better than the average. That said, prices continue to fall and lenders continue to tighten lending requirements (they should have done that about 3 years ago and we would not be in our current situation).

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 lender you can find some at my website: www.jelwell.century21bnr.com . You can also speak with 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.

Mortgage Interest Rates Continue to Edge Upward Despite Fed Rate Cut Says, Freddie Mac

Today 5/1/08 Freddie Mac reported that for the second week in a row average mortgage interest rates for 30 and 15 year fixed-rate loans have moved upward a bit. Nationally the average mortgage interest rate for 30 year fixed-rate mortgages was 6.06% (6.02% in the southeast), up from 6.03% a week ago. The average interest rate for 15 year fixed-rate mortgages was 5.59%, up from 5.62% last week. A year ago the 30 year rate was 6.16%.

Due to a mixed bag of reports concerning a weaker housing market and higher inflation, the interest rates moved only slightly.

The Federal Reserve did lower its Funds Rate by 0.25% yesterday. It now stands at 2%. Some experts felt they might not lower the rate at all, based on inflation fears, as was mentioned here in my blog last week. Most pundits now believe that this will be the last rate cut for the near future, barring any serious threats to the economy that might force the Fed to act once again.

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 lender you can find some at my website: www.jelwell.century21bnr.com . You can also speak with 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.

My May 2008 Real Estate Newsletter is Now Available For Download

My May 2008 Real Estate Newsletter is now available for download as a PDF (Adobe Acrobat) file. Just click on the following link: Download may_2008_newsletter.pdf

If you would like to receive these newsletters automatically in the future each month, just send me an e-mail and let me know. I would be glad to add you to my e-mailing list. You can e-mail me at: jelwell1@tampabay.rr.com

I also invite you to visit my my website where I think you will find a lot of useful information. To get there just click on the following link: www.jelwell.century21bnr.com

Excellent 2 Bedroom/2 Bath Double-Wide For Sale in Oaks Royal III Near Zephyrhills, Florida

Pride of ownership is very evident in this wonderful double-wide mobile home. Located in the Oaks Royal III subdivision just to the west of Zephyrhills, Florida it is conveniently located close to shopping, supermarkets, restaurants, parks, etc. This home has been loving updated in many ways. From floor-to-ceiling you will see that this home is not like the others. This home is clean, neat, updated, and comfortable.

Both bedrooms each have TWO closets! On the front of the home is a large covered screened patio that is perfect for enjoying our excellent Florida climate. There is a two-car carport with a huge attached utility room. Behind the home is a spacious green and shady area that creates the perfect separation from the neighbors to the rear. Sellers will be leaving many furnishings, and an inventory is available for prospective buyers.

This is not a rental lot. You own the land under the home here. The low homeowner association fees, currently just $389/year, gain you access to the subdivision's pool, clubhouse, whirlpool spa, and shuffleboard courts.

This home is definitely worth a look at just $82,900! For more information or to arrange a tour, call John Elwell at CENTURY 21 Bill Nye Realty 813-783-4444 or e-mail me at: jelwell1@tampabay.rr.com I also invite you to visit my webpage at: http://www.jelwell.century21bnr.com

Click on any of the pictures to see a much larger view of this property.

Freddie Mac: Interest Rates Rise! Did You Get Caught?

Today 4/24/08 Freddie Mac reported that after several weeks of no upward movement of mortgage interest rates and with the average rate well under 6%, average mortgage interest rates for 30 and 15 year fixed-rate loans have moved upward once again. Nationally the average mortgage interest rate for 30 year fixed-rate mortgages was 6.03% (6.00% in the southeast), up from 5.88% a week ago. The average interest rate for 15 year fixed-rate mortgages was 5.62%, up from 5.40% last week. A year ago the 30 year rate was 6.16%.

How many of you were waiting to see if the rates had bottomed out? As many stock investors find out, knowing exactly when a market has bottomed out is a difficult thing to do. Sometimes you have to take a low market that looks good and make your move. Otherwise you risk having the market do an about-face on you and start back in the wrong direction. Some buyers are doing the same thing with house prices. They are betting that the home prices will drop further. Even though they are now often less than $100/square foot, a price that was common before the last hot market began, buyers wait on and on hoping they will go even lower. At some point, the prices will start back up again, and they will wish they had moved. Catching the market when it is at its absolute lowest is nearly impossible. Close to lowest is often good enough. In my area we are seeing inventories slowly drop and demand picking up a bit. At some point prices will follow interest rates and begin to climb again. If both interest and prices rise, that will truly be a double whammy.

The latest rise in interest rates is due to inflation fears. The Producer Price Index rose 1.1% in March. That was double what the experts had predicted.

It was also revealed that it now appears less likely that the Federal Reserve will drop interest rates substantially at its next meeting. Some of you that are waiting may want to speak with you lender or mortgage broker and find out what a half percentage point increase will cost you each month and over the life of your loan. You may be surprised.

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 lender you can find some at my website: www.jelwell.century21bnr.com . You can also speak with 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.

Where to Find Cheap Gas in Zephyrhills, Florida, and the United States

This is a little off the topic of this blog, but as a real estate agent I put a lot of miles on my car and a lot of gas in its tank. Many people who are house hunting do the same. If you would like to find where the cheapest gas is in your area, you can click on the following link: http://www.motortrend.com/gas_prices

You will be taken to the Motor Trend website where all you have to do is enter your zip code, and a list of gasoline vendors will appear with the prices that they are are charging. Hope this helps you out. Prices have just gone insane during the past two years haven't they??? Glad someone is getting rich!

Feel free to contact me if you have any real estate needs. You can call me at: 813-783-4444 or e-mail me at:  jelwell1@tampabay.rr.com.  I also invite you to visit my webpage at: www.jelwell.century21bnr.com

Little or No Movement in Interest Rates This Week: Freddie Mac

Today 4/17/08 Freddie Mac again reported that the average mortgage interest rates for 30 year fixed-rate loans have not changed a bit since last week's report and the rates for 15 year fixed-rate loans dropped just slightly. Nationally the average mortgage interest rate for 30 year fixed-rate mortgages was 5.88% (5.86% in the southeast). The average interest rate for 15 year fixed-rate mortgages was 5.40%, down from 5.42% a week ago. A year ago the 30 year rate was 6.17%.

Fixed-rate interest rates held steady while Adjustable Rate Mortgage (ARM) rates decreased due to the belief that the Federal Reserve will drop rates further at their next meeting. Some believe that the chance that rates will be lowered is nearly 100% certain!

March housing starts were the lowest in 7 years, and both consumer and homebuilder confidence remains low. More and more on the news the "R word" ie recession is being heard. But no one seems to be able to say with any certainty if we are beginning it, in the midst of it, or on our way to clawing our way out of it.

On the positive side, as I have said in the past, if you have good credit or cash reserves, prices and interest rates both are at historically low levels. Usually when one is up the other is down, thus diminishing the benefits. When both are low, that is a time to consider making a purchase if you can. In a few years there will be a lot of people kicking themselves when a normal market returns and the current opportunities are no longer available. Millionaire investors buy when prices are low and money is cheap. Something to at least consider.

Do keep in mind that we live in a very large and complex country. What happens in California is not necessarily what is happening in Florida. And what happens in Florida may be a far cry from what occurs in Michigan. Real estate is still very much a local issue.

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 lender you can find some at my website: www.jelwell.century21bnr.com . You can also speak with 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.