Freddie Mac released their weekly report a day early this week due to the Thanksgiving Day holiday. So, today, 11/23/2011, Freddie Mac reported that the average mortgage interest rate for 30 year fixed-rate mortgages was 3.98%, down from 4.00% last week. The average interest rate for 15 year fixed-rate mortgages was 3.30%, down from 3.31% last week. A year ago the 30 year rate was 4.40%.
Interest rates are at all-time lows. Adjustable rate mortgage rates are also at historically low levels. Due to the affordability of homes being within the reach of so many buyers, this resulted in a 1.4% increase in existing home sales in October. You might have noted that in a couple of previous posts I wrote a few days ago. Low home prices and low interest rates make a home purchase very attractive to potential buyers. We may not see this type of situation ever again!
The Bureau of Economic Analysis, the Federal Reserve, and other organizations reported some sour economic news, and as often happens, this probably helped to keep interest rates down again. I also just read that new employment figures would be lower this time around. But, the silver lining is still the high affordability of a home purchase. And there are millions of people out there who are still doing "okay". Not making a fortune, but they are not in the situation that the unemployed and under-employed are. They are the ones who will be able to take advantage of the great prices and low mortgage interest. I hope many of you fall into that category!
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