Today, 4/30/09, Freddie Mac announced that the average mortgage interest rate for 30 year fixed-rate mortgages was just 4.78% (4.77% in the southeast), down from 4.80% a week ago. The average interest rate for 15 year fixed-rate mortgages was 4.48%, again unchanged from 4.48% last week. A year ago the 30 year rate was 6.06%. This is the lowest the 30 rates have been since Freddie Mac started the survey in 1970!
For a person with a $200,000 30 year, fixed-rate mortgage this can be a monthly savings of just over $200.
Freddie Mac feels that the housing market "may be edging towards a bottom". New home sales were stronger and resales remained pretty unchanged over the past 4 months. Inventory levels of new homes fell to their lowest level since January 2002. Affordability hit record highs in the first quarter of 2009. And the University of Florida reports that their surveys show that in Florida consumer confidence is on the rise. These are all good signs that we can only hope are omens of a better economic future.
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.
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