Today 8/16/07, Freddie Mac reported that the average mortgage interest rates for 30 and 15 year fixed-rate loans rose slightly. Nationally the average mortgage interest rate for 30 year fixed-rate mortgages was 6.62% (6.57% in the southeast), a rise from 6.59% a week ago. The average interest rate for 15 year fixed-rate mortgages was 6.30%, up from 6.25% last week.
Frank Nothaft, Freddie Mac vice-president and chief economist said, "Interest rates on prime conforming fixed-rate mortgages ticked up a little in the past week, in line with 10-year Treasury rate movements and retracing part of last week's decline. Problems in the non-prime (subprime) mortgage market where funds are expensive and har-to-get have not affected the prime conforming market."
Other data released this week showed that core inflation at the wholesale level increased 0.1% in July, or 2.3% year-over-year, below what had been expected. Core inflation at the retail level rose 0.2%, or 2.2% year-over-year, as had been expected.
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 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