Today, 4/28/2011, Freddie Mac reported that the average mortgage interest rate for 30 year fixed-rate mortgages was 4.78%, down from 4.80% a week ago. The average interest rate for 15 year fixed-rate mortgages was 3.97%, down from 4.02% last week. A year ago the 30 year rate was 5.06%.
Based on "weak local economic data reports on business conditions and house prices" Treasury bond yields fell and mortgage rates followed along. But not much of a change at all. Almost not worth mentioning.
It appears that the US Census Bureau reported a net loss of homeowners totaling 400,000. This after what appears to be a gross loss of 1,100,000 property owners that was offset by a gain of 700,000 first-time home buyers (according to the National Association of REALTORS). So it could have been much worse. The new owners helped to partially soften the total loss that occurred from October 2010 to March 2011.
I am still quite busy here in Zephyrhills, Florida. I just closed on a home in Lake Bernadette, and have two more homes scheduled to close before the end of April. So it has been a very busy month. And May promises to be equally active. I already have two deals that will get closed just after the start of next month. I can only hope that my "hot streak" continues.
Do keep in mind that we are a very large country. So figures that come 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