Today, 8/11/2011, Freddie Mac reported that the average mortgage interest rate for 30 year fixed-rate mortgages was 4.32%, down from 4.39% last week. The average interest rate for 15 year fixed-rate mortgages was 3.50%, down from 3.54% last week. A year ago the 30 year rate was 4.44%.
Worries about our markets and those in other countries kept bond yields down and thus mortgage interest rates also fell a bit. And just this week the Federal Reserve, noting the distress that the current economic situation was causing the country, promised to keep its interest rates at extemely low levels at least until mid-2013. Hopefully that will have at least some calming effect on the stock markets which have been diving this week. The promise of low rates over an extended period of time also worked to keep mortgage interest rates at historically low levels.
In just my last post I noted that though existing home sales were down nationwide, as reported by the National Association of REALTORS, in Florida we saw an increase during the second quarter of 2011. That is music to our ears here. And we expect to see the rest of the country improve in the future since NAR's "Affordability Index" over the past 3 quarters is at its highest level since the index was started way back in 1970!
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: firstname.lastname@example.org You are also welcome at my webpage: www.jelwell.century21bnr.com
John Elwell - REALTOR
Bill Nye Realty, Inc.
Licensed in Florida