John's Florida Real Estate Blog

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Negative Economic Data Causes Mortgage Interest Rates to Move "South"

Down Arrow - JTEToday, 11/21/2013, Freddie Mac reported that the average mortgage interest rate for 30 year fixed-rate mortgage was 4.22% down from 4.35% last week. The average interest rate for 15 year fixed-rate mortgages was 3.27%,  down from 3.35% last week. A year ago the 30 year rate was 3.31%.

Freddie Mac's Vice President said, "Fixed mortgage rates fell this week on reports of weaker manufacturing growth and declines in overall inflation rates. Industrial production slipped by 0.1 percent in October, below the market consensus forecast of a 0.2 percent gain. The consumer price index also unexpectedly fellduring the month. On an annual basis, consumer prices are up 1 percent, the smallest increase since October 2009."

It will be interesting to see what next week's figures come in at. They will likely come out on Wednesday, a day ahead of time, due to fact that Thanksgiving Day will be on Thursday.

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 local lender you can find several at my website: www.jelwell.century21bnr.com

You can also contact 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  Licensed in Florida.

John Elwell - REALTOR

CENTURY 21

Bill Nye Realty, Inc.

813-783-4444

Licensed in Florida

 

Comment balloon 0 commentsJohn Elwell • November 21 2013 06:14PM
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