Today, 6/20/2013 Freddie Mac reported that the average mortgage interest rate for 30 year fixed-rate mortgage was 3.93% down from 3.98% last week. The average interest rate for 15 year fixed-rate mortgages was 3.04%, down from 3.10% last week. A year ago the 30 year rate was Unavailable.
What is going to happen now. The steady upward march of rates has stopped, at least for this week. Though most experts say that in the long run this year, rates will continue to rise to higher levels.
This may be a respite that will allow buyers to step up and buy a home. Inventories are lower, for both resale homes and new construction. That will put pressure on pricing and many homes will increase in value. I suggest that you look at your own situation very carefully and then make a move to buy a home if you can and if it is a wise move for your particular situation. Prices and interest rates are both going to be higher. The question is not IF?? but WHEN??? My guess is "not far down the road."
Freddie Mac's Vice President said, TYPICALLY IN THIS SPACE THERE WOULD BE COMMENTS FROM FREDDIE MAC ABOUT THE WEEK'S ACTIVITIES AND THE REASONS THE MORTGAGE MARKET HAS REACTED THE WAY IT DID. UNFORTUNATELY, AT THE TIME OF THIS POSTING, THERE WAS NO PRESS RELEASE STATEMENT FOR THIS WEEK.
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.