Today, 11/24/10 (early due to the Thanksgiving holiday), Freddie Mac reported that the average mortgage interest rate for 30 year fixed-rate mortgages was 4.40% (4.40% in the southeast), up from 4.39% a week ago. The average interest rate for 15 year fixed-rate mortgages was 3.77%, up from 3.76% last week. A year ago the 30 year rate was 4.78%.
The week was shorter and Freddie Mac reported that the gross domestic product was revised upward based on stronger consumer spending and exports than had been expected.
The balance sheets of many homeowners have begun to slowly improve. And in the third quarter mortgage delinquency rate decreased to 9.13%, which Freddie Mac says is the lowest since the 1st quarter of 2009. "For the first time during the housing downturn, the overall delinquency rate is lower than it was a year earlier."
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.