John's Florida Real Estate Blog

head_left_image

Little Change in Average Mortgage Interest Rates Reported on July 28, 2011

Up Arrow - JTE Today, 7/28/2011, Freddie Mac reported that the average mortgage interest rate for 30 year fixed-rate mortgages was 4.55%, up from 4.52% last week. The average interest rate for 15 year fixed-rate mortgages was 3.66%, unchanged from last week. A year ago the 30 year rate was 4.54%.

Broken record playing. Again mixed economic data kept interest rates from moving much at all. I am wondering if this will still be true if the Congress of the United States cannot get its act together and we default on our country's debts. Time is running out and most of us wish they would grow up and do what is fair to everyone, and that means not forgetting most of us in the middle and lower classes. Time will tell if they will grow up and also grow a few hearts as well.

On the positive side of the scales this week the Index of Economic Indicators rose June for the second month in a row. Better than had been forecast. On the negative side, orders for durable goods were less strong than had been anticipated. As a result of these items, the scales did not tilt much either way and thus interest rates barely moved.

A bit of a glimmer of hope was offered by a Freddie Mac spokesperson who said, "Seasonal home buying is beginning to prop up house price indexes across the nation. For instance, the S&P/Case-Shiller® 20-City Composite index (not seasonally-adjusted) rose for the second consecutive month in May to the highest reading since January. In addition, 17 of the 20 cities exhibited increases, led by a 2.7 percent monthly gain in Boston and a 2.6 percent rise in Minneapolis. Compared to a year ago, though, values were lower in 19 of the 20 markets as of May; bucking the trend elsewhere, the Washington, DC metro area posted a 1.3 percent gain in prices over the past year."

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.

I would also be happy to assist you in any way that I can. Just call JOHN ELWELL - REALTOR at CENTURY 21 Bill Nye Realty, Inc. : 813-783-4444 or e-mail me at: jelwell1@tampabay.rr.com You are also welcome at my webpage: www.jelwell.century21bnr.com

John Elwell - REALTOR

CENTURY 21

Bill Nye Realty, Inc.

813-783-4444

Licensed in Florida

 

Comment balloon 0 commentsJohn Elwell • July 28 2011 08:02PM
Little Change in Average Mortgage Interest Rates Reported on July 28,…
share
Today, 7/28/2011 Freddie Mac reported that the average mortgage interest rate for 30 year fixed-rate mortgages was 4. 55% up from 4. 52% last week. The average interest rate for 15 year fixed-rate mortgages was 3. 66%, unchanged from last week. A… more
Financing a Mobile Home That Has Been Moved from One Location to…
share
In many parts of the country, some homeowners choose to purchase a mobile home to live in. These can provide low-cost housing that many can afford. Today, these homes are built to much higher standards than those of the 50's, 60's and 70's. In many… more
2011 "Pigz in Z'Hills" BBQ to Take Place in Zephyrhills,…
share
Hard to believe that autumn is just around the corner. But before long school will restart, Halloween will be here, and the "snowbirds" from up North will begin to return to Zephyrhills, Florida. It also will be time for the… more
Some of the Homes, Villas, and Condos For Sale in Zephyrhills, FL as…
share
If you are looking for your place under the Florida sun, Zephyrhills could be just the spot that you are searching for. Remember, winter will soon be HERE To assist you, I am attaching an updated Adobe PDF file to this post that shows just… more
Many of the Mobile Homes For Sale in Zephyrhills, Florida as of July…
share
Want to find a place where you can escape next year's winter's icy blasts? Well, Zephyrhills, Florida might be just the perfect corner of the USA where you can find a refuge from the snowing and blowing. To assist you, I am attaching an… more
Average Interest Rates Hardly Move Due to Mixed Economic Data This…
share
Today, 7/21/2011 Freddie Mac reported that the average mortgage interest rate for 30 year fixed-rate mortgages was 4. 52% up from 4. 51% last week. The average interest rate for 15 year fixed-rate mortgages was 3. 66%, up from 3. 65% last week. A… more
Using Quick Response (QR) Codes to Market Homes in Zephyrhills,…
share
Some of you may have seen the image on the right around your town. Here in Zephyrhills, Florida I have seen them at Subways, on movie posters, at the tire store, and in other places of business. Perhaps you do not know what they are or what they… more
John Elwell Among Top 50 Agents for CENTURY 21 in North and Central…
share
CENTURY 21's national headquarters has just released its rankings for the year-to-date ending with the last day of June 2011 Based on "sale sides" I was in the Top 50 agents of the thousands who working in this large section of… more
Mortgage Interest Rates Drop Back Down Due to Poor Jobs Reports for…
share
Today, 7/14/2011 Freddie Mac reported that the average mortgage interest rate for 30 year fixed-rate mortgages was 4. 51% down from 4. 60% last week. The average interest rate for 15 year fixed-rate mortgages was 3. 65%, down from 3. 75% last week… more
After Slumbering for Weeks, Average Mortgage Interest Rates Jump!
share
Today, 7/7/2011 Freddie Mac reported that the average mortgage interest rate for 30 year fixed-rate mortgages was 4. 60% up from 4. 51% last week. The average interest rate for 15 year fixed-rate mortgages was 3. 75%, up from 3. 69% last week. A… more