Today, 9/22/2011, Freddie Mac reported that the average mortgage interest rate for 30 year fixed-rate mortgages was 4.09%, unchanged from last week. The average interest rate for 15 year fixed-rate mortgages was 3.29%, slightly down from 3.30% last week. A year ago the 30 year rate was 4.37%. No change worth mentioning. Rates are still at record-breaking levels for the second week.
Again, poor economic news from here in the United States and from Europe keep rates low this week. Though they did not move further "south". The Federal Reserve reported that our domestic households lost a total value of almost $150,000,000 in net worth during the second quarter of this year. Ouch!
Data on housing was kind of all over the place. As I posted earlier this week, the US Commerce Department reported that new home construction dropped 5% in August 2011. If calculated out to a yearly amount, it would result in just 510,000 homes being built. And the National Association of Homebuilders reported that the confidence of their members was at record low levels.
On the bright side, the sales of existing-homes (a much more important number in my mind than the number of new home starts) went up in August to 5.03 million homes. That was the strongest "annualized rate" since March of this year.
Wouldn't it be nice if just once we would get reports that were not "mixed" and instead provided us with a clear picture of the road ahead? I doubt that we will see those for some time to come. But the sooner the better. In my humble opinion.
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 Licensed in Florida.
John Elwell - REALTOR
Bill Nye Realty, Inc.
Licensed in Florida