Today 11/8/07, Freddie Mac reported that the average mortgage interest rates for 30 and 15 year fixed-rate loans were very slightly lower from last Thursday's averages. Nationally the average mortgage interest rate for 30 year fixed-rate mortgages was 6.24% (6.22% in the southeast), down from 6.26% a week ago. The average interest rate for 15 year fixed-rate mortgages was 5.90%, down from 5.91% last week.
Freddie Mac says that due to reports of weaker consumer spending last month and a decline in manufacturing activity the rates were kept from rising. Though rates for fixed-rate loans remain pretty much unchanged, the Federal Reserve's recent cut in rates have caused many Adjustable Rate Mortgages interest rates to fall. Hopefully some of you were helped by that.
38% of loan applications were for refinancing during the third quarter of 2007, down from 42% in the second quarter. It is also estimated that Americans pulled out about $60 billion in equity from their homes during the third quarter of 2007 as opposed to $81 billion during the second.
Do keep in mind that we live in a very large and complex country. What happens in California is not necessarily what is happening in Florida. And what happens in Florida may be a far cry from what occurs in Michigan. Real estate is still very much a local issue.
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.
John Elwell - REALTOR
Bill Nye Realty, Inc.
Licensed in Florida