Today, 11/14/2013, Freddie Mac reported that the average mortgage interest rate for 30 year fixed-rate mortgage was 4.35% up from 4.16% last week. The average interest rate for 15 year fixed-rate mortgages was 3.35%, up from 3.27% last week. A year ago the 30 year rate was 3.34%.
Freddie Mac's Vice President said, "Fixed mortgage rates increased this week following stronger than expected economic data releases. Nonfarm payrolls increased by 204,000 in October, above the consensus forecast. In addition, revisions added 60,000 additional jobs to the prior two month releases. Preliminary estimates indicate Real GDP growth in the third quarter was 2.8 percent, also above consensus."
So it would appear that, despite the whining from some in Congress (and you know who they are) the economy is still moving forward. Sometimes I think the economy is like a person. When you get a cold, you can try medicine, bed rest, chicken soup, etc. But in the end, usually you get better no matter what you do. We just have cycles of that we go through as humans, and so does the economy. Though at times we can do things to make things worse than they normally would be. Like not getting enough rest when one is sick or having a couple of wars when the economy is in rough shape. Oh well. At least things are improving little by little. And I think that even Obamacare will be fixed and at a point, not too far off, will be helping people who need health insurance coverage.
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: [email protected] You are also welcome at my webpage: www.jelwell.century21bnr.com Licensed in Florida.