Today, 2/21/2013 Freddie Mac reported that the average mortgage interest rate for 30 year fixed-rate mortgage was 3.56% up from 3.53% last week. The average interest rate for 15 year fixed-rate mortgages was 2.77%, unchanged from 2.77% last week. A year ago the 30 year rate was 3.87%.
Freddie Mac's Vice-President said, ""Mortgage rates have been relatively stable, hovering near record lows, for the past four weeks which is helping to spur new home construction. For instance, new construction on single-family houses rose to an annualized rate of 613,000 in January, the most since July 2008. In addition, single-family building permits were up to the highest issuance level since June 2008."
Just tonight I was watching a report on television that showed how the market has now turned the corner in many areas and is now a "sellers market" to some extent. Inventories are down and bidding wars are breaking out from time-to-time. Can you believe it? We have not seen those since 2005! Needless-to-say, these developments are working to stablize and even increase the prices of homes in most markets.
Most of us do not see a return to the wild days of the mid-past decade, but we do see a much needed return to normalcy in the real estate markets. Some buyers are about a year behind in their mind-set when they make offers, but they are coming around and realize that the "bargain basement days" are probably gone. The good, or even great, news is that even though prices are rising, mortgage interest rates have seldom been lower! So take advantage of them if you can!
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 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