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: 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