Today, 7/29/10, Freddie Mac reported that the average mortgage interest rate for 30 year fixed-rate mortgages was 4.54% (4.60% in the southeast), down from 4.56% a week ago. The average interest rate for 15 year fixed-rate mortgages was 4.00%, down from 4.03% last week. A year ago the 30 year rate was 5.25%. Again, these are record lows for the Freddie Mac survey that we may not see again for a very long time! Hard to believe they have dropped to this level.
Frank Nothaft, vice president and chief economist for Freddie Mac said, "For the sixth week in a row, interest rates on fixed-rate mortgages eased to all-time record lows during a week of mixed housing data reports. The number of local markets experiencing annual increases in home prices appears to be growing. For instance, 13 metropolitan areas in the S&P/Case-Shiller® 20-city index experienced price appreciation over the 12-months ending in May, compared to 11 in April and 10 in March."
They also reported that existing home sales slowed in June 2010 to just 4.37 million units, the lowest since last March. New home sales did jump, but was still pretty low in relation to past years. Only 1963 had a lower increase in new homes sales.
However, here in our part of Florida, things still seem a lot better than in the past couple of years. More calls, more sellers and buyers, and more closed sales. Ours are almost 50% higher than they were in 2009. Other companies may, or may not have similar increases. I am just glad we do! My own sales volume is up 100% so far. Hope it stays that way for the rest of 2010.
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 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.
I would also be happy to assist you in any way that I can. Just call me at: 813-783-4444 or e-mail me at: jelwell1@tampabay.rr.com You are also welcome at my webpage: www.jelwell.century21bnr.com
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