Today, 12/2/10, Freddie Mac reported that the average mortgage interest rate for 30 year fixed-rate mortgages was 4.46% (4.48% in the southeast), up from 4.40% a week ago. The average interest rate for 15 year fixed-rate mortgages was 3.81%, up from 3.77% last week. A year ago the 30 year rate was 4.71%.
The interest on bonds went up and the interest rates on home loans followed suit. Our economy may be doing better than in recent months. The Federal Reserve is reporting that 10 out of its 12 regions experienced improvement through the middle of November. This was reported in its December 1st "regional economic review".
You might also note that in my pevious post the National Association of REALTORS reported that Pending Home Sales have increased in October of this year. No doubt people taking advantage of lower home prices and low interest rates. Both of these factors work to make homes much more affordable for more consumers.
Here in Zephyrhills, our winter visitors are returning, and that means more sales in the area. We are seeing more floor traffic in our offices, more visitors to my websites, and an increase in the volume of phone calls/e-mails. Though it is winter here, things are heating up!
Do keep in mind that we are a very large country. So figures that come out for the entire nation, may have little or no relevance for your particular area. In the end, it is best if you speak with a local REALTOR or financing expert to see what the situation is for your part of the United States. Florida is not Michigan, nor is Maine the same as California. Market conditions can be very different from place-to-place. Also, your own credit history, the property you want to buy, etc. will effect your specific loan options and interest rates. Your mortgage broker or bank loan officer can give you more specific information.
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