Today Freddie Mac reported that nationally the average mortgage interest rate for 30 year fixed-rate mortgages was 6.67% (6.63% in the southeast), down from 6.69% a week ago. The average interest rate for 15 year fixed-rate mortgages was 6.34%, down from 6.37% last week.
After a month and a half of increases the rates dipped again due to the continued housing recession. Sales of existing homes in May 2007 were the slowest they have been since June 2003 and the number of months that homes stayed on the market averaged 8.9, the highest since June 1992! It was reported that prices fell 2.1% in twenty metropolitan market areas for the calendar year ending in April 2007.
Do keep in mind that we live in a very large and complex country. What happens in California is not necessarily what is happening in Florida. And what happens in Florida may be a far cry from what occurs in Michigan. Real estate is still very much a local issue.
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.
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