John's Florida Real Estate Blog


After a Few Weeks of Decreases, Average Mortgage Interest Rates Edge Upward Again

Up Arrow - JTE Today, 1/20/11,  Freddie Mac reported that the average mortgage interest rate for 30 year fixed-rate mortgages was 4.74% (4.71% in the southeast), up from 4.71% a week ago. The average interest rate for 15 year fixed-rate mortgages was 4.05%, up from 4.08% last week. A year ago the 30 year rate was 4.99%

With the experts saying that inflation appears to be less of a threat at the moment, interest rates have not changed all that much since the Christmas 2010 holidays. Freddie Mac reported that the "core consumer prices" rose only at a rate of 0.8% this past December, and that this was the smallest yearly increase since 1958 when record keeping of this index began!

As you saw in a recent post of mine, the US Commerce Department reported that construction was down, but building permits were up. A mixed bag of news. The biggest drop in construction of homes was in the mid-west. But that would seem to make sense to me since typically, in the north and the midwest, winter is not a busy time for builders due to weather conditions. And let's face it, we have had a very aggressive winter throughout much of the USA this year. I would not want to be on top of a roof in below zero degrees weather! Would you?

As I have mentioned previously, here in Zephyrhills, our winter visitors are returning, and that means more sales in this 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! I have a hard time keeping my information boxes filled with brochures and am constantly running to show homes to the northerners. Hope this keeps up for several more months. 

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 20 2011 02:27PM


This blog does not allow anonymous comments