Today, 11/27/2013, Freddie Mac reported that the average mortgage interest rate for 30 year fixed-rate mortgage was 4.29% up from 4.22% last week. The average interest rate for 15 year fixed-rate mortgages was 3.30%, up from 3.27% last week. A year ago the 30 year rate was 3.32%. This week's report came out one day early due to the Thanksgiving Holiday.
Mortgage interest rates have been hovering around the same spot for several weeks now. Though they are not as great as they were when they were below 4%, they still are historically very low. Many of us remember when we had 16% rates back in the 1970's. Even just a few years ago 8% seemed wonderful. What is consistently going up are is the price of the average home in the US. We are not seeing skyrocketing prices like before the recession, but a constant little-by-little rise each quarter. So don't wait too long if you are considering making a home purchase this year. You could be disappointed!
Freddie Mac's Vice President said, "Fixed mortgage rates retraced some of their decline of the prior week as housing data portrayed mixed signals. The National Association of Realtors reported that their pending sales metric dipped for the fifth consecutive month and was slightly below year-ago levels, presaging a softening in sales near yearend. Nonetheless, house prices rose as homes-for-sale inventory remained tight in many markets. The S&P/Case-Shiller House Price index released yesterday showed prices in the 20 largest cities increased 13.3 percent annually in September, the highest year-over-year increase since February 2006, and a bit stronger than the Federal Housing Finance Agency's U.S.-wide Purchase-Only index, which appreciated 8.5 percent over the same period."
It will be interesting to see what next week's figures come in at. They will likely come out on Wednesday, a day ahead of time, due to fact that Thanksgiving Day will be on Thursday.
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.