Today, 8/23/2012, Freddie Mac reported that the average mortgage interest rate for 30 year fixed-rate mortgages was 3.66%, up from last week when it was 3.62%. The average interest rate for 15 year fixed-rate mortgages was 2.89%, up from 2.88% last week. A year ago the 30 year rate was 4.22%.
Hard to believe, but for a fourth straight week interest rates for home loans have increased. They are still well below the 4% mark, but each jump brings them a little closer. If you think that rates have hit their lowest point, you may want to start looking for that home to buy before both interest rates and rising home prices put your dream out of reach! Can't hurt to look and think things over carefully.
Freddie Mac's spokesperson said that the following events caused the rise in interest rates:
- Residential building permits were up in July 2012, though single-family housing starts were down. But apartments and condo starts were up.
- Existing home sales were up in July 2012.
- June's median home price jumped 9.4% from the year before.
- Price increase was wide-spread and all 4 reporting regions showed upward movement.
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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