John's Florida Real Estate Blog

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Fixed Mortgage Rates Close in on the 4% Mark! Will They Break More New Records?

Down Arrow - JTE Today, 9/29/2011, Freddie Mac reported that the average mortgage interest rate for 30 year fixed-rate mortgages was 4.01%, down from 4.09% last week. The average interest rate for 15 year fixed-rate mortgages was 3.28%, slightly down from 3.29% last week. A year ago the 30 year rate was 4.32%. The big question is, will rates finally dip below the 4% mark in the next week or two??

These rates have never been seen before, and I doubt that we will see them in the future when the market stabilizes once again. How many of you will be able to take advantage of this opportunity that will save you thousands in the years to come? A lot, I hope! 

It appears that the Federal Reserve had a hand in the drop of mortgage interest rates. They announced their Maturity Extension Program and also said that they would be buying more mortgage-backed securities.

There were also some positive notes from several of the home price indices that track the real estate market. "The Federal Housing Finance Agency reported that its National index (not seasonally adjusted) rose for the fourth consecutive month in July. Similarly, the S&P/Case-Shiller® 20-City composite index, which has a broader scope of properties, rose 0.9 percent between June and July with 17 of the cities experiencing positive monthly growth. Finally, CoreLogic® reported that its index, excluding distressed sales, increased at a 1.7 percent monthly rate for the same month."

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: jelwell1@tampabay.rr.com You are also welcome at my webpage: www.jelwell.century21bnr.com   Licensed in Florida.

John Elwell - REALTOR

CENTURY 21

Bill Nye Realty, Inc.

813-783-4444

Licensed in Florida

 

Comment balloon 0 commentsJohn Elwell • September 29 2011 06:42PM

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