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Another Week of Little Change in Average Mortgage Interest Rates: Freddie Mac

Percent Sign - JTEToday, 10/27/2011, Freddie Mac reported that the average mortgage interest rate for 30 year fixed-rate mortgages was 4.10%, just slightly down from 4.11% last week. The average interest rate for 15 year fixed-rate mortgages was 3.38%, unchanged from last week. A year ago the 30 year rate was 4.23%. Basically, same-old-same-old. But still very low, historically speaking, which is great. I just had a buyer yesterday who locked in 4% for the next 30 years. Wow!

Again, "mixed signals" conspired to keep rates relatively stable. Consumer confidence in the nation was down, but sales of new homes was up. Go figure! One home price index fell and another rose??? How did that happen? It is no wonder that the markets are confused. Add to that the size of our country and how diverse each region is, and I suppose it is no wonder that things are a bit confusing.

I did hear on the news today that the European Union had finally figured out a way to come to the rescue of the Greek economy. If this is true, that could help stablize things there AND here a bit more. If things play out as they usually do, we could see some upward movement in interest rates in the weeks to come. Just my unofficial opinion. Let's see what happens in the weeks to come.

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 • October 27 2011 02:47PM

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