Today, 2/28/2013 Freddie Mac reported that the average mortgage interest rate for 30 year fixed-rate mortgage was 3.51% down from 3.56% last week. The average interest rate for 15 year fixed-rate mortgages was 2.76%, down from 2.77% last week. A year ago the 30 year rate was 3.90%.
Freddie Mac indicated that due to a steady level by the consumer price index (CPI) interest rates went down a bit. Lack of consumer inflation usually seems to encourage lower rates, from what I have observed. However, some things did become more expensive. Freddie Mac reported that house prices had shown gains last year, 2012, with that national home price index rising 7.3%. That was the largest 4th quarter increase since way back in 2006. These items made February 2013 to have the highest levels of new home and existing home sales since July 2008.
Sellers like the fact that prices are stablizing and rising here and in other parts of the country. Buyers are not so keen about that, but they can still enjoy and take advantage of the historically low interest rates that continue to linger on. Over the term of a loan's life, it is often the interest rate and not the principal that costs the most in the long run.
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 local lender you can find several 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.