Today, 4/26/2012, Freddie Mac reported that the average mortgage interest rate for 30 year fixed-rate mortgages was 3.88%, down from 3.90% last week. The average interest rate for 15 year fixed-rate mortgages was 3.12%, down from 3.13% from last week. A year ago the 30 year rate was 4.78%.
A Freddie Mac spokesperson said that the Federal Reserve announced that it expected economic growth to continue at a moderate rate and them pick up speed later on. The Fed also pointed out that the labor market had improved and that they felt that unemployment numbers would be dropping gradually.
In the housing market improvement was also noted. Home price indices were showing increases in several market areas in February. New home sales were also up, but I have read that construction of new homes was down lately. In my opinion, that is not necessarily a bad thing. When you have too many homes on the market with depressed prices, it makes no sense to continue to pump out new homes and increase the inventory. That really does not help things in the long run.
A seller asked me yesterday about current conditions in our area. In my opinion, they seem pretty stable and we are not seeing prices free-falling anymore. Certainly not in our 55+ subdivisions. I think we have gone about as low as we can go. And in Zephyrhills there is little new construction which makes our current inventory more attractive.
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: firstname.lastname@example.org You are also welcome at my webpage: www.jelwell.century21bnr.com Licensed in Florida.
John Elwell - REALTOR
Bill Nye Realty, Inc.
Licensed in Florida