Yesterday, 3/1/2012, Freddie Mac reported that the average mortgage interest rate for 30 year fixed-rate mortgages was 3.90%, down from 3.95% last week. The average interest rate for 15 year fixed-rate mortgages was 3.17%, down from 3.19% from last week. A year ago the 30 year rate was 4.87%! Take advantage of these rates if you can! Nothing lasts forever, even though it may seem like they will.
A Freddie Mac spokesperson said, "Fixed mortgage rates bottomed out in January and February of this year which is helping spur the housing market. For instance, pending existing home sales rose in January to its strongest pace since April 2010 and sales figures for December saw upward revisions. In addition, the Federal Reserve noted in its February 29th regional economic review (or Beige Book) that residential real estate activity increased modestly in most of its Districts over the course of January and early February, with several reports of increased home sales."
To me, that looks like a lot of good news, especially after all of the "doom and gloom" of the past several years. It is quite true that our recovery will be slow, but there will be some parts of the country that will out-pace others in terms of the speed at which they get back on track. Here's hoping that Florida will be one of those pace-setters. There are some signs that this could indeed be true. Time will tell. Fingers crossed here.
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: email@example.com You are also welcome at my webpage: www.jelwell.century21bnr.com Licensed in Florida.
John Elwell - REALTOR
Bill Nye Realty, Inc.
Licensed in Florida