Today, 8/29/2013, Freddie Mac reported that the average mortgage interest rate for 30 year fixed-rate mortgage was 4.51% down from 4.58% last week. The average interest rate for 15 year fixed-rate mortgages was 3.54%, down from 3.60% last week. A year ago the 30 year rate was 3.59%.
Apparently some experts think that the gradual increase in mortgage interest rates had some effect on new home sales in July. This is making them believe that perhaps the Federal Reserve will not be so quick to allow rates to rise a lot in the near future. Guess they don't want to throw a "wrench into the works" that might derail was was a good recovery of the housing market, and the economy in general.
Freddie Mac's Vice President said, "The Fed is monitoring the housing market closely after the run up in mortgage rates over the past few months. The 13.4 percent drop in new home sales in July led financial markets to speculate whether the Fed might delay reducing its bond purchases and allowed long-term bond yields and fixed mortgage rates to decline over the week."
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: 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