Today 9/13/07, Freddie Mac reported that the average mortgage interest rates for 30 and 15 year fixed-rate loans went down quite a bit! Nationally the average mortgage interest rate for 30 year fixed-rate mortgages was 6.31% (6.26% in the southeast), down from 6.46% a week ago. The average interest rate for 15 year fixed-rate mortgages was 5.97%, down from 6.15% last week.
"Interest rates on prime conforming loans fell across the board in the past week, with rates on 30-year fixed mortgages averaging 0.15 percentage points below the previous week's level", said Frank Nothaft, Freddie Mac vice president and chief economist. "The drop in mortgage rates may give some relief to borrowers who are looking to refinance or purchase a home.
"As a matter of fact, all the mortgage products in Freddie Mac's survey this week were lower than they were at the same time last year."
There may even be some relief for those homeowners with Adjustable Rate Mortgages if their rates are about to change in the near future. That would be good news for many.
Do keep in mind that we live in a very large and complex country. What happens in California is not necessarily what is happening in Florida. And what happens in Florida may be a far cry from what occurs in Michigan. Real estate is still very much a local issue.
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.
John Elwell - REALTOR
Bill Nye Realty, Inc.
Licensed in Florida