Today, 7/12/2012, Freddie Mac reported that the average mortgage interest rate for 30 year fixed-rate mortgages was 3.56%, down from last week when it was 3.62%. The average interest rate for 15 year fixed-rate mortgages was 2.86%, down from 2.89% last week. A year ago the 30 year rate was 4.51%. Last week I asked if we had finally reached a "bottom". Apparently not. I have some buyers who are looking for financing, and I hope that they are lucky enough to be able to take advantage of these historically low interest rates. Best of luck Pete and Beth!
The Freddie Mac spokesperson said that since the employment figures for June 2012 were not as great as had been hoped for, the yield on treasure bonds went down and so did the interest rates on mortgages. Only 80,000 new jobs were created last month and that was not enough to move the unemployment rate of 8.2% any lower.
Also, at the Federal Reserve's meeting on July 11th it most participants determined that, at this point, no further stimulation of the markets should be undertaken in an effort to try to increase the employment numbers.
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: email@example.com You are also welcome at my webpage: www.jelwell.century21bnr.com Licensed in Florida.