Today, 7/28/2011, Freddie Mac reported that the average mortgage interest rate for 30 year fixed-rate mortgages was 4.55%, up from 4.52% last week. The average interest rate for 15 year fixed-rate mortgages was 3.66%, unchanged from last week. A year ago the 30 year rate was 4.54%.
Broken record playing. Again mixed economic data kept interest rates from moving much at all. I am wondering if this will still be true if the Congress of the United States cannot get its act together and we default on our country's debts. Time is running out and most of us wish they would grow up and do what is fair to everyone, and that means not forgetting most of us in the middle and lower classes. Time will tell if they will grow up and also grow a few hearts as well.
On the positive side of the scales this week the Index of Economic Indicators rose June for the second month in a row. Better than had been forecast. On the negative side, orders for durable goods were less strong than had been anticipated. As a result of these items, the scales did not tilt much either way and thus interest rates barely moved.
A bit of a glimmer of hope was offered by a Freddie Mac spokesperson who said, "Seasonal home buying is beginning to prop up house price indexes across the nation. For instance, the S&P/Case-Shiller® 20-City Composite index (not seasonally-adjusted) rose for the second consecutive month in May to the highest reading since January. In addition, 17 of the 20 cities exhibited increases, led by a 2.7 percent monthly gain in Boston and a 2.6 percent rise in Minneapolis. Compared to a year ago, though, values were lower in 19 of the 20 markets as of May; bucking the trend elsewhere, the Washington, DC metro area posted a 1.3 percent gain in prices over the past year."
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 JOHN ELWELL - REALTOR at CENTURY 21 Bill Nye Realty, Inc. : 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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