Today, 6/28/2012, Freddie Mac reported that the average mortgage interest rate for 30 year fixed-rate mortgages was 3.66%, unchanged last week. The average interest rate for 15 year fixed-rate mortgages was 2.94%, down slightly from 2.95% last week. A year ago the 30 year rate was 4.51%. Last week I said, "Makes you wonder if the rates are going to hover around this area for some time." I guess I was right, at least for one week anyway!
Freddie Mac's chief economist stated that these record low interest rates should continue to help the recovery of the housing sector. Makes sense, cheaper borrowing means more people can purchase homes. So Buyers are happy, and so are Sellers who want to make a move. They now have more potential buyers out there and they also will be able to take advantage of the great rates and low home prices when they purchase their next home. Everyone benefits!
The Freddie Mac spokesperson went on to say that, "Both the S&P/Case Shiller® 20-city composite and the Federal Housing Finance Agency's house price indexes showed over a 0.5 percent monthly increase in April. Meanwhile, pending existing home sales rebounded in May by 5.9 percent to match a two year high and new home sales jumped 7.6 percent to its fastest pace since April 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 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 Licensed in Florida.
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