Today, 7/21/2011, Freddie Mac reported that the average mortgage interest rate for 30 year fixed-rate mortgages was 4.52%, up from 4.51% last week. The average interest rate for 15 year fixed-rate mortgages was 3.66%, up from 3.65% last week. A year ago the 30 year rate was 4.56%.
It gets to be an old song, but again mixed economic news kept the interest rates for mortgages pretty much unchanged this week. The consumer price index and producer price index both fell a bit in June due to lower energy costs. But core price indexes inched up. Then add in the fact that consumer sentiment was depressed. Personally I wonder if some of that is not due to the nonsense going on in Washington over the debt ceiling. This is worrying consumers and businesses alike. No one likes uncertainty. The GOP has become the party of "NO" to everything that is not their idea.
Housing information was also mixed. Though single-family housing starts were up in June and homebuilder confidence bounced back, existing home sales fell in many areas. But I did note that prices had stabilized a bit. So a real mish-mash of news for sure.
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.
I would also be happy to assist you in any way that I can. Just call JOHN ELWELL - REALTOR at CENTURY 21 Bill Nye Realty, Inc. : 813-783-4444 or e-mail me at: email@example.com You are also welcome at my webpage: www.jelwell.century21bnr.com
John Elwell - REALTOR
Bill Nye Realty, Inc.
Licensed in Florida