Today, 9/8/2011, Freddie Mac reported that the average mortgage interest rate for 30 year fixed-rate mortgages was 4.12%, down from 4.22% last week. The average interest rate for 15 year fixed-rate mortgages was 3.33%, down from 3.39% last week. A year ago the 30 year rate was 4.35%.
Freddie Mac reported that worries about poor employment figures for August 2011 worked to force interest rates downward. According to news reports, NO JOBS were created last month. Not good news by anyone's standard. Unemployment still sits at 9.1% and has been above 8% for 31 months. Of course, a lot of other countries have higher rates. When I lived in Spain 10 years ago, 12% unemployment was not uncommon. Probably is even worse at the moment.
Employment figures, along with concerns over economic problems in the European Union, conspired to set new records for low average mortgage interest rates.
The US Federal Reserve also reported a gloomy outlook for the short-term. Seven out of its 12 districts reported that their views of current business conditions are less than rosy.
So, not much good news on the economic front as it applies to our country in general. However, for home buyers, and sellers for that matter, the lowest mortgage interest rates in history can provide some "once in a lifetime" opportunities for those who are in the position to make a home purchase at this time. Low prices and low interest rates on loans make this point in time unique. There are many people out there who are taking advantage of this fact and will be wearing wide smiles in the years to come. Kind of think of it as a "half-price sale" with "easy financing" terms. Something to consider!
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 Licensed in Florida.
John Elwell - REALTOR
Bill Nye Realty, Inc.
Licensed in Florida