Today, 6/13/2013 Freddie Mac reported that the average mortgage interest rate for 30 year fixed-rate mortgage was 3.98% up from 3.91% last week. The average interest rate for 15 year fixed-rate mortgages was 3.10%, up from 3.03% last week. A year ago the 30 year rate was 3.71%.
Are some of you finally jumping down off the fence and making that decision to buy a home? Report after report indicate that prices are no longer falling, but instead are increasing around the United States. Now the money to buy those homes is becoming more expensive as interest rates rise.
The rates are still way below what they were just a few years ago, but they are not nearly as attractive as they were back at the start of the year when I warned you that at some point they would go up. With 6 consecutive weeks of higher rates, this is a pretty clear indicator that the "bargain rates" are gone, for now anyway. If I were you, I would give serious consideration to what you want to do and then do it! Sometimes the worst thing you can do is NOTHING!
Freddie Mac's Vice President said, ""Fixed mortgage rates crept up further this week following a solid employment report for May. The economy added 175,000 new jobs and the number of discouraged workers fell by 780,000 to the fewest since September 2009. And although the unemployment rate ticked up to 7.6 percent, it was due to a 420,000 increase in the size of the labor force; the underemployment rate fell from 13.9 to 13.8 percent in May.
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 contact 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.