Today, 11/3/2011, Freddie Mac reported that the average mortgage interest rate for 30 year fixed-rate mortgages was 4.10%, down from 4.10% last week. The average interest rate for 15 year fixed-rate mortgages was 3.31%, down from last 3.38% week. A year ago the 30 year rate was 4.24%. Nice drop this week. Wonder if they rate will again go below the 4% mark this year. We will have to wait and see.
Worries of economic issues in Europe brought treasury bond rates down and thus the mortgage interest rates went along for the slide downward. I kind of suspected this would happen when the European Community's plan to bail-out Greece kind of got scuttled by that country's decision to put the bail-out up for a referendum vote with the public. My bet is they all know the public will turn it down due to the austerity measures it demands. I lived in Europe too long to think otherwise. I am afraid the Greeks are in for a rougher ride if they turn down the help.
Here in the US, Freddie Mac does see some recovery taking place in the our country, although at a slow pace. The economy reportedly grew at a pace of 2.5% in the 3rd quarter of 2011. That was the strongest rate in a while. Consumer spending was the cause and perhaps that indicates that the public is becoming more comfortable about letting go of money when the urge strikes. "Consumer sentiment" is at its highest level since last July, says Freddie Mac.
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