Earlier today Freddie Mac reported that after three weeks of having interest rates decline, they have gone back up again. Nationally the average mortgage interest rate for 30 year fixed-rate mortgages was 6.73% (6.65% in the southeast), up from 6.63% a week ago. The average interest rate for 15 year fixed-rate mortgages was 6.39%, up from 6.30% last week.
Healthy consumer credit growth in May and positive employment figures forced interest rates higher during the past week. This one jump all but erased the declines that had taken place over the past 3 weeks.
Freddie Mac is predicting that 30 year fixed-rate mortgage interest rates will remain relatively stable through the rest of 2007. They also feel that the weakness in the housing market will continue during the same period. The number of homeowners refinancing their home loans is also decreasing
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