Today 8/30/07, Freddie Mac reported that the average mortgage interest rates for 30 and 15 year fixed-rate loans went up ever so slightly! Nationally the average mortgage interest rate for 30 year fixed-rate mortgages was 6.46% (6.44% in the southeast), a rise from 6.45% a week ago. The average interest rate for 15 year fixed-rate mortgages was 6.15%, up from 6.12% last week.
Freddie Mac spokesmen said that recent economic news showed smaller increases than had been predicted and this had worked to keep mortgage rates virtually unchanged from last week.
"In other news, the most recent Conventional Mortgage Home Price Index release issued by Freddie Mac reported that on average, national house prices grew by 0.1% in the second quarter, the slowest quarterly house price growth since the fourth quarter of 1994. For the past 12 months, house prices appreciated 3.3%, the slowest rate in 10 years."
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