Today, 4/16/09, Freddie Mac announced that the average mortgage interest rate for 30 year fixed-rate mortgages was just 4.82% (4.81% in the southeast), down from 4.87% a week ago. The average interest rate for 15 year fixed-rate mortgages was 4.48%, down from 4.54% last week. A year ago the 30 year rate was 5.88%. Rates went up a bit last week, but this week they settled lower again.
Though "few and far between" there are some signs that things could be turning around. Although the change in direction may be a slow one. More buyers were out looking for homes and this is likely due to lower interest rates, lower home prices, and the Federal tax credit.
The above may have also helped to bolster homebuilder confidence this month. It increased to the highest it has been in 6 months. This increase was discerned in all four national regions, with the highest increases seen in the Northeast and Midwest areas of the USA.
Here in the Zephyrhills area of Florida we are also seeing many buyers out there looking. And many are ready to buy. Hopefully this will continue into the summer, traditionally a season when home buying reaches its yearly peak in most areas.
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.
John Elwell - REALTOR
Bill Nye Realty, Inc.
Licensed in Florida