John's Florida Real Estate Blog


Freddie Mac: Mortgage Interest Rates Continue Their Drop

Today 8/30/07,  Freddie Mac reported that the average mortgage interest rates for 30 and 15 year fixed-rate loans dropped again! Nationally the average mortgage interest rate for 30 year fixed-rate mortgages was 6.45% (6.41% in the southeast), a fall from 6.52% a week ago. The average interest rate for 15 year fixed-rate mortgages was 6.12%, down from 6.18% last week.

New home sales surprised the experts and rose in July to 870,000 units. The biggest increase was a 22% jump in sales in the western section of the country. However, sales of existing homes fell, but not as much than had been predicted. Much of the decline in existing home sales was limited to the Mid-West.

A year ago the rate on 30 year mortgages was 6.44% and the rate for 15 year mortgages was 6.14%.

It will be interesting to see if the decline of the past several weeks will continue and whether it will help to spur home sales in Florida and the rest of the United States.

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:  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: . 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


Comment balloon 0 commentsJohn Elwell • August 30 2007 06:54PM
Freddie Mac: Mortgage Interest Rates Continue Their Drop
Today 8/30/07, Freddie Mac reported that the average mortgage interest rates for 30 and 15 year fixed-rate loans dropped again! Nationally the average mortgage interest rate for 30 year fixed-rate mortgages was 6. 45% (6. 41% in the southeast), a… more
Another Home That Will Likely Spend Months On The Market Unsold in…
Today we had our weekly "agents caravan". This is when we go around the area to tour the new listings that came on the market during the previous week. Most of them were pretty reasonably priced for what they were. Many sellers are now… more
The Conference Board Consumer Confidence Index Retreats
The Conference Board Consumer Confidence Index, which had surged in July, gave back all of the gain in August. The Index now stands at 105. 0 (1985=100), down from 111. 9 in July. The Present Situation Index decreased to 130. 3 from 138. 3… more
Nationwide Insurance Plans to Dump Thousands of Policy Holders in…
Yesterday Nationwide Insurance announced that to limit their exposure to risk in Florida they were going to begin cancelling the policies of 39, 000 homeowners and 1, 600 commercial policy holders. They said they were forced to do this to "ensure… more
Blogging DOES Get You Noticed!
Today I got a call from a reporter from the Tampa Tribune. She mentioned that she had come across my blog. I am not sure whether it was the ActiveRain blog or my personal Florida Real Estate Blog (I was in the shower when she called so dripping wet… more
National Association of REALTORs: Existing-Homes Sales Stable In July
WASHINGTON, August 27, 2007 - Existing-home sales were essentially unchanged in July, with increases in the West and Northeast offset by a decline in the Midwest, according to the National Association of Realtors®. Total… more
Florida Association of REALTORs: Florida's Existing Home Sales Still…
ORLANDO, Fla., Aug. 27, 2007 – With positive economic conditions such as low mortgage interest rates and job growth continuing in Florida, statewide sales of existing single-family homes totaled 11, 674 in July and were closer to activity in July… more
Ways to Stop Your Spouse From Selling Your House!
So your "better half" wants to move to a new home and you want to stay where you are. After all, you have everything broken-in, you know the neighbors, your local hangout is just around the corner, and you do not want to do all that… more
Super Homestead Estimators Available on Florida County Property…
Many of residents in Florida are aware that in January 2008 we will have the opportunity to vote on a constitutional amendment that will do away with the Save Our Homes tax program and the current Homestead Exemption, and replace them with a Super… more
Countrywide Receives $2 Billion Strategic Equity Investment From Bank…
08/22/2007 CALABASAS, Calif., Aug. 22 /PRNewswire/ -- Countrywide Financial Corporation (NYSE: CFC), a diversified financial services provider and the leading mortgage lender and servicer in the U. S. announced today that it has received… more