Yesterday, 4/2/09, Freddie Mac announced that the average mortgage interest rate for 30 year fixed-rate mortgages was just 4.78% (4.85% in the southeast), down from 4.85% a week ago. The average interest rate for 15 year fixed-rate mortgages was 4.52%, down from 4.58% last week. A year ago the 30 year rate was 5.88%. Rates have never been lower since Freddie Mac started doing the survey back in 1971! Wow! Anyone going to take advantage of these low terms?
Reports of slower economic growth sent all types of interest rates lower and mortgage rates followed the gang. The growth in the final quarter of 2008 was revised downward that this also conspired to lower rates.
Silver lining is that pending exisiting home sales rose 2.1% in February, making that the second increase in 3 months. Apparently some buyers are taking advantage of the lowest rates and the lower home prices. Home affordability is at the highest level it has ever been since records for it were started.
Hopefully some of my readers will be able to take advantage of these extremely low rates, special first-time buyers tax credits, and the very low prices of homes. Now is a great time to buy a home! So jump down off the fence and make that move before rates and prices go back up. And THEY WILL!
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