Today 3/25/10, Freddie Mac reported that the average mortgage interest rate for 30 year fixed-rate mortgages was 4.99% (4.99% in the southeast), up from 4.96% a week ago. The average interest rate for 15 year fixed-rate mortgages was 4.34%, up from 4.33% last week. A year ago the average 30 year rate was 4.85%.
Bond Rates climbed higher and mortgage interest rates went along for the ride. However, for the 4th week in a row the average interest rate is below 5%!
The financial burden that consumers are carrying, in relationship to their disposible income, went down some in the 4th quarter of 2009. Was sitting at 16.1% of the disposible income, on average. That was the lowest share since 2003. A glimmer of good news, at least.
Keep in mind that the home buyers tax credit deadline will be here at the end of April. So time is running out if you are eligible and want to use it. For more information go to: http://www.realtor.org/home_buyers_and_sellers/extended_home_buyer_tax_credit_how_to
Do keep in mind that we are a very large country. So data that comes out for the entire nation, may have little or no relevance for your particular area. In the end, it is best if you speak with a local REALTOR or financing expert to see what the situation is for your part of the United States. Florida is not Michigan, nor is Maine the same as California. Market conditions can be very different from place-to-place. Also, your own credit history, the property you want to buy, etc. will effect your specific loan options and interest rates. Your mortgage broker or bank loan officer can give you more specific information.
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