John's Florida Real Estate Blog


For 2nd Week, Average Mortgage Interest Rates Decrease in January 2011

Down Arrow - JTE Today, 1/13/2011,  Freddie Mac reported that the average mortgage interest rate for 30 year fixed-rate mortgages was 4.71% (4.66% in the southeast), down from 4.77% a week ago. The average interest rate for 15 year fixed-rate mortgages was 4.08%, down from 4.13% last week. A year ago the 30 year rate was 5.06%.

A weaker than expected employment report for December 2010 caused bond yields to go down. As a consequence, mortgage interest rates followed the bonds downhill for the second week in a row.

Freddie Mac reported that the Federal Reserve had said that in all of its districts, real estate activity and new home construction remained depressed over the past 2 months of last year. They attributed this to concerns over unemployment levels and the overall economic climate in the USA,  Weak conditions are expected for the near future.

As I mentioned earlier, here in Zephyrhills, Florida, I am noticing increased activity. A large part of this is due to the last big wave of "snowbird" winter residents that are flocking to our area and to Florida now that the holiday season is over. Many of these will be looking for vacation homes or permanent residences, while others will be placing their properties up for sale. They are running me ragged some days with requests to tour homes here. Certainly a nice change from the sluggish sales that normally take place in the cold northern states.

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: 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: . 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.

I would also be happy to assist you in any way that I can. Just call me at: 813-783-4444 or e-mail me at:  You are also welcome at my webpage:

John Elwell - REALTOR


Bill Nye Realty, Inc.


Licensed in Florida


Comment balloon 0 commentsJohn Elwell • January 13 2011 07:42PM


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