Today, 4/23/09, Freddie Mac announced that the average mortgage interest rate for 30 year fixed-rate mortgages was just 4.80% (4.80% in the southeast), down from 4.82% a week ago. The average interest rate for 15 year fixed-rate mortgages was 4.48%, unchanged from 4.48% last week. A year ago the 30 year rate was 6.03%. Rates went up a bit last week, but this week they settled lower again.
Though fixed-rate loans were down, adjustable rate mortgages (ARMs) were high relative to those. In fact, the interest rate for a 1-year ARM was higher than it was for a 30 year fixed-rate loan! That is the first time that has happened since 1984.
There were some discernable signs of improvement in the housing markets. House prices rose for the second month in a row in February. This is the first consecutive increase since April 2007. Over two years.
If you read the post previous to this one, you saw that the Florida Association of REALTORS reported that the sales of existing homes and condos in Florida were up for the 7th month in a row. From many sides we are seeing and hearing that things are slowly improving here in our Sunshine State. This winter definitely felt a lot busier than the previous one did. Lots of activity here. That is not a bad sign for us in Zephyrhills and the surrounding 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