Today, 9/1/2011, Freddie Mac reported that the average mortgage interest rate for 30 year fixed-rate mortgages was 4.22%, unchanged from last week. The average interest rate for 15 year fixed-rate mortgages was 3.39%, down from 3.44% last week. A year ago the 30 year rate was 4.32%.
Interest rates were kept at record low levels due to weak economic reports for this week. There was little upward pressure so little change took place. Our economy only grew 1% during the second quarter and consumer confidence was lowest it has been since April 2009.
A Freddie Mac's spokesperson also said that the housing market was still weak and "July's pending sales of existing homes fell at a monthly rate of 1.3%, the first decline since April 2011." In Florida things may be different. with better numbers for the sales of existing homes.
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
John Elwell - REALTOR
Bill Nye Realty, Inc.
Licensed in Florida