Today, 5/31/2012, Freddie Mac reported that the average mortgage interest rate for 30 year fixed-rate mortgages was 3.75%, down from 3.78% last week. The average interest rate for 15 year fixed-rate mortgages was 2.97%, down from 3.04% last week. A year ago the 30 year rate was 4.60%. The market just keeps getting better and better for buyers. And for sellers too since lower rates mean more people qualify to buy their properties. Do keep in mind though, that recently we have seen the drop in home prices bottom out and they are starting to rise. Will this trend continue? Who knows. But we all know that eventually the prices for homes WILL increase. That is a historic fact.
Unfortunately, this week Freddie Mac failed to attach a press release to their new interest rate figures. So I can not give you any details about why the market is reacting with lower rates. One guess is that problems in Greece and Spain are still worrisome. Perhaps next week's report can give us some clarification as to the events that are pushing the interest rates for mortgages ever lower.
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: firstname.lastname@example.org You are also welcome at my webpage: www.jelwell.century21bnr.com Licensed in Florida.