Florida Real Estate Blog

Not Much of a Change, but Average Mortgage Interest Rates Dip a Bit Lower Again!

Today, 5/24/2012, Freddie Mac reported that the average mortgage interest rate for 30 year fixed-rate mortgages was 3.78%, down from 3.79% last week. The average interest rate for 15 year fixed-rate mortgages was 3.04%, unchanged from last week. A year ago the 30 year rate was 4.60%. Even though the drop was not much, it still is a new record and is moving in a direction that many buyers and sellers will appreciate. Each drop, no matter how minimal, means that even more people will qualify to purchase homes. And that means that sellers will have a larger pool of potential buyers for their properties. Both sided gain!

The National Association of REALTORS (NAR) reported that we have hit the highest level on their "home affordability index" that has ever been achieved. Low prices and low interest rates worked together to reach this level. In April the number of existing-home sales reached its highest level since last January. The sales of new homes also hit a high point in April beating market forecasts. Add to that the fact that home prices have been inching upward, and going even faster in that direction in Florida, and you have signs of an improving housing market. We have not seen a 4 quarter increase since 2007.

If you remember, many experts feel that the housing slump started this last big recession. I am a believer that a housing recovery will be a good omen that points to an overall improvement in our country's financial health. Time will tell, but I am optimistic!

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 lender you can find some 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: jelwell1@tampabay.rr.com You are also welcome at my webpage: www.jelwell.century21bnr.com  Licensed in Florida.

New Record Lows for Average Mortgage Interest Rates This Week!

Yesterday, 5/10/2012, Freddie Mac reported that the average mortgage interest rate for 30 year fixed-rate mortgages was 3.83%, down from 3.84% last week. The average interest rate for 15 year fixed-rate mortgages was 3.05%, down from 3.07% from last week. A year ago the 30 year rate was 4.63%.

Not since 1951 have rates been this low! Since early December 2011 the average interest rate for 30 fixed-rate mortgages has been below 4% for all but 1 week.

The job report for April was weaker than expected. Then the economic news out of Europe was not very good since both Greece and France had elections that seemed to run counter to the steps that had been taken to improve their economic situations. Now, who knows what will happen there? Markets don't like uncertainty and bond yields decreased. Mortgage interest rates went in the same direction. At least gas prices seem to be coming down. That will be welcome news for motorists this summer.

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 lender you can find some 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: jelwell1@tampabay.rr.com You are also welcome at my webpage: www.jelwell.century21bnr.com  Licensed in Florida.

Average Mortgage Interest Rates at 60 Year Lows says Freddie Mac Survey

Yesterday, 5/3/2012, Freddie Mac reported that the average mortgage interest rate for 30 year fixed-rate mortgages was 3.84%, down from 3.88% last week. The average interest rate for 15 year fixed-rate mortgages was 3.07%, down from 3.12% from last week. A year ago the 30 year rate was 4.71%. Not since 1951 have rates been this low! That was before I was born! Wow!

Rates on bonds and on mortgages remained low due to indications that economic growth had slowed a bit and inflation was nearly non-existent in most sectors. In the case of mortgage interest, record low levels were achieved. Can you imagine having a mortgage with a 3.84% interest rate for the next 30 years! Incredible. No wonder home affordability has never been better.

Here in Zephyrhills prices seem to have leveled off. Though some buyers still think they can offer 50% less than the asking price and get away with it. That never works and usually has very negative effects.

About the only area where prices are still really low is in the condos.  In most other areas, the prices leveled out here a few months ago, and now we see people getting higher prices than they did previously. Even a few bidding wars here and there. Obviously, they are not going to rocket skyward like they did 7 years ago, but they are heading higher little-by-little. Now may be the time to get "off that fence". The time for waiting for prices to get even lower could be over for most buyers. And it is highly unlikely that interest rates will go much lower. After all, there are points beyond which they cannot drop.

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 lender you can find some 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: jelwell1@tampabay.rr.com You are also welcome at my webpage: www.jelwell.century21bnr.com  Licensed in Florida.

Average Mortgage Interest Rates Back Down to Record Low Levels Again!

Today, 4/26/2012, Freddie Mac reported that the average mortgage interest rate for 30 year fixed-rate mortgages was 3.88%, down from 3.90% last week. The average interest rate for 15 year fixed-rate mortgages was 3.12%, down from 3.13% from last week. A year ago the 30 year rate was 4.78%.

A Freddie Mac spokesperson said that the Federal Reserve announced that it expected economic growth to continue at a moderate rate and them pick up speed later on. The Fed also pointed out that the labor market had improved and that they felt that unemployment numbers would be dropping gradually.

In the housing market improvement was also noted. Home price indices were showing increases in several market areas in February. New home sales were also up, but I have read that construction of new homes was down lately. In my opinion, that is not necessarily a bad thing. When you have too many homes on the market with depressed prices, it makes no sense to continue to pump out new homes and increase the inventory. That really does not help things in the long run.

A seller asked me yesterday about current conditions in our area. In my opinion, they seem pretty stable and we are not seeing prices free-falling anymore. Certainly not in our 55+ subdivisions. I think we have gone about as low as we can go. And in Zephyrhills there is little new construction which makes our current inventory more attractive.

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 lender you can find some 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: jelwell1@tampabay.rr.com You are also welcome at my webpage: www.jelwell.century21bnr.com  Licensed in Florida.

Average Mortgage Interest Rates Only Go Up a Smidge! So Says Freddie Mac

Today, 4/19/2012, Freddie Mac reported that the average mortgage interest rate for 30 year fixed-rate mortgages was 3.90%, up from 3.88% last week. The average interest rate for 15 year fixed-rate mortgages was 3.13%, up from 3.11% from last week. A year ago the 30 year rate was 4.80%. Not much of a change this week. Just a ripple in the pond. Rates are still ridiculously low!

A Freddie Mac spokesperson said that stability was the "name of the game" this week with little change in interest rates due to a lack of inflationary fears. Industrial production was pretty much flat as well. And the Consumer and Producer Price indices were well within predicted market expections. No surprises, in other words. This lack of excitement or significant movement in market indicators seems to have been the "icebox" that somewhat froze the interest rates this week.

However, don't forget that in recent days and weeks there has been a considerable amount of news concerning improvements in the economy as a whole, and the housing market in particular. For my part, the month of April 2012 has been one of my busiest in 4 or 5 years. Lots of buyers out there ready to spend the bucks to get a home at a great price and this is especially true of our retiree market!

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 lender you can find some 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: jelwell1@tampabay.rr.com You are also welcome at my webpage: www.jelwell.century21bnr.com  Licensed in Florida.

Average Mortgage Interest Rates Plummet Again this Week! Says Freddie Mac Survey

Today, 4/12/2012, Freddie Mac reported that the average mortgage interest rate for 30 year fixed-rate mortgages was 3.88%, down from 3.98% last week. The average interest rate for 15 year fixed-rate mortgages was 3.11%, down from 3.21% from last week. A year ago the 30 year rate was 4.91%. Big difference between this year and 2011. Also a big alteration from last week to this week! Changes like this can make a big difference in the total interest that you will pay over the life of a 30, or even a 15, year fixed-rate loan.

A Freddie Mac spokesperson said that since the yields on long-term Treasury bonds were lower, mortgage interest rates dropped as well. This apparently was due to the lower than expected employment reports. More jobs were added to our economy, but just not as many has had been hoped for. The unemployment rate did, however, fall to the lowest level that it has been since January 2009. The Federal Reserve did say that hiring was "steady" and showed modest increases in most of its Districts as of April 11th. So, we are adding jobs, and I am hoping that this "snowballs" in months to come. More jobs means more consumers who will be ready to take advantage of low home prices and historically low mortgage interest rates.

On a positive note, in our area prices appear to be going up some and there have been some bidding wars breaking out for specific properties. Have not seen those in a while. In my humble opinion, I do see positive indicators in our small part of the world around Zephyrhills, Florida. One can only hope that this continues and that other parts of the country will continue to rebound, albeit slowly.

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 lender you can find some 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: jelwell1@tampabay.rr.com You are also welcome at my webpage: www.jelwell.century21bnr.com  Licensed in Florida.

Average Mortgage Interest Rates Continue Decline This Week!

Today, 4/5/2012, Freddie Mac reported that the average mortgage interest rate for 30 year fixed-rate mortgages was 3.98%, down from 3.99% last week. The average interest rate for 15 year fixed-rate mortgages was 3.21%, down from 3.23% from last week. A year ago the 30 year rate was 4.87%. Not a big drop, but good to see that rates stayed below 4%. This can help entice buyers into making a decision about purchasing a home.

A Freddie Mac spokesperson said, "Average weekly mortgage rates were little changed this week amid mixed signals on the health of the economy. The final estimate of 2011 fourth quarter growth remained unchanged at 3 percent, representing the strongest pace since the second quarter of 2010. The March 13th policy committee minutes from the Federal Reserve noted that the housing market remained depressed and supported the continuation of the maturity extension program through June 2012, but did not announce any new stimulus action beyond that date."

On a positive note, in our area prices appear to be going up some and there have been some bidding wars breaking out for specific properties. Have not seen those in a while. In my humble opinion, I do see positive indicators in our small part of the world around Zephyrhills, Florida. One can only hope that this continues and that other parts of the country will continue to rebound, albeit slowly.

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 lender you can find some 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: jelwell1@tampabay.rr.com You are also welcome at my webpage: www.jelwell.century21bnr.com  Licensed in Florida.

Average Mortgage Interest Rates Go Back Below 4% This Week says Freddie Mac Survey

Today, 3/29/2012, Freddie Mac reported that the average mortgage interest rate for 30 year fixed-rate mortgages was 3.99%, down from 4.08% last week. The average interest rate for 15 year fixed-rate mortgages was 3.23%, down from 3.30% from last week. A year ago the 30 year rate was 4.86%. Nice to see the rates go down rather than continue upward. Four percent sure sounds good to me and a lot of my buyers. Sellers like it too since it means more people can afford to purchase their homes!

Unfortunately, part of the small dip was due to weaker housing indicators for January. New home sales declined, but that is not necessarily a bad thing. We have had a large inventory of existing homes that are backed-up in the pipeline. To me it makes no sense to keep pumping new homes into the market when we need to diminish the inventory that we already have. Sounds logical doesn't it? But I am no big Wall Street economic whiz. Nor do I want to be! Also, as I always say, this is a general report on housing. It does not mean that in different regions things may be a lot rosier.

We will just have to wait and see what the future holds. I did hear that unemployment figures where supposed to be better this month. Hope that turns out to be true.

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 lender you can find some 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: jelwell1@tampabay.rr.com You are also welcome at my webpage: www.jelwell.century21bnr.com  Licensed in Florida.

For First Time in Several Weeks Average Mortgage Interest Rates Go Above 4%!

Today, 3/22/2012, Freddie Mac reported that the average mortgage interest rate for 30 year fixed-rate mortgages was 4.08%, up from 3.92% last week. The average interest rate for 15 year fixed-rate mortgages was 3.30%, up from 3.16% from last week. A year ago the 30 year rate was 4.81%. Those are still low numbers to be sure, but are not nearly as nice as they were just a week ago. One has to wonder if this is just a temporary blip or if they will continue to inch upward?

Again, the yields on US Treasury Bonds went higher and the interest on mortgages followed suit. This is the first time since October of 2011 that the average rate for 30 year fixed-rate loans crossed north of 4%. Apparently, our improving economy, less worries about our commercial banks, and a likelihood that Greece will get bailed out of their economic woes helped to improve bond yields. Good news on the economic front seems to do that frequently. So, though interest rates are up, if this is due to a better economy and more good things to come, I suspect that we can deal with that! It is great to hear more good news than bad in recent months.

Freddie Mac also reported that homeowners had reduced their "financial obligations ratio" (debt payments as a share of disposable income) to the least it has been since way back in 1994! More good news. Let's hope that there is more in the weeks and months to come. We could sure use it! Now if gas prices would just return to normal levels. One can only hope!

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 lender you can find some 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: jelwell1@tampabay.rr.com You are also welcome at my webpage: www.jelwell.century21bnr.com  Licensed in Florida.

Very Small Adjustment Upward of Average Mortgage Interest This Week - Freddie Mac

Today, 3/15/2012, Freddie Mac reported that the average mortgage interest rate for 30 year fixed-rate mortgages was 3.92%, up from 3.88% last week. The average interest rate for 15 year fixed-rate mortgages was 3.16%, up from 3.13% from last week. A year ago the 30 year rate was 4.76%. Current rates still remain historically low and the Federal Reserve said this week that they have no intentions at this time of raising rates before 2014. Of course, things can change in the world, so the only sure thing is that for RIGHT NOW the rates are low. So get them while you can. The future is never guaranteed! Oh that it were!

A Freddie Mac spokesperson said that upbeat news concerning the economy in recent weeks pushed the yield on bonds higher and thus mortgage interest tagged along. But just a bit. No huge increases. As many of you heard on the news, for the third straight month lots of jobs were added, 227,000 in February 2012. More than had been predicted. Freddie Mac said, "Job growth over the past six months was the strongest since 2006." Not too shabby in my personal opinion.

The Federal Reserve also predicted that the number of people who are unemployed in the US will continue to decline to more reasonable levels. And at some point, we will reach a point where interest rates remain "moderate" and "maximum employment" will be achieved. I wish I had a crystal ball and could make a prediction, but I feel much more optimistic now than I did even a year ago.

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 lender you can find some 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: jelwell1@tampabay.rr.com You are also welcome at my webpage: www.jelwell.century21bnr.com  Licensed in Florida.