John's Florida Real Estate Blog

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Second Week with Small Drop in Average Mortgage Interest Rates

Down Arrow - JTEToday, 7/18/2013, Freddie Mac reported that the average mortgage interest rate for 30 year fixed-rate mortgage was 4.31%  down from 4.37% last week. The average interest rate for 15 year fixed-rate mortgages was 3.39%, down from 3.41% last week. A year ago the 30 year rate was 3.49%.

So, another week with a small drop in rates. But I would not "bet the farm" that we are going to see them get back to the 3.6% range any time soon. That ship has probably sailed. That said, the current rates are nothing to sneeze at and look very cheap compared to those of less than a decade ago. Will you take advantage of them and make a move?? I guarantee if you don't, you won't like it if they start getting nearer to 5%.

The inventory of homes for sale is getting tighter in Zephyrhills, and in many parts of the country. And homes are staying on the market for less and less time. That puts sellers in a more equal position than they have been in for many years now. Buyers and sellers are now on more equal footings than before.

Freddie Mac's Vice President said, "Mortgage rates eased for the second consecutive week which should help to alleviate market concerns of a slowdown in the housing market. Thus far, existing home sales for June were the second highest since November 2009 and new home sales were the strongest since May 2008. In addition, the low inventories of homes for purchase are putting upward pressure on house prices. For instance, the FHFA purchase-only house price index increased for the 16th consecutive month in May and was 7.3 percent above the May 2012 figure; May's index level was the highest since September 2008."

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 • July 25 2013 03:15PM
Second Week with Small Drop in Average Mortgage Interest Rates
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