Today 11/15/07, Freddie Mac reported that the average mortgage interest rates for 30 and 15 year fixed-rate loans were virtually unchanged from last Thursday's averages. Nationally the average mortgage interest rate for 30 year fixed-rate mortgages was 6.24% (6.21% in the southeast), unchanged from a week ago. The average interest rate for 15 year fixed-rate mortgages was 5.88%, very slightly down from 5.90% last week.
Mixed signals such as lower than anticipated consumer confidence levels yet with higher productivity growth in the third quarter of 2007 were the main reasons the average interest rates were, for all intents and purposes, frozen from those of last week.
A positive sign was that the National Association of REALTORS (NAR) reported that this week there was a surprise gain of 0.2% in the pending home sales for September. This "could" indicate that there will be no, or less declines in October and November when those figures are released. At least it is an upward movement after many months of seeing pending sales decrease. However, Freddie Mac spokespersons were quick to point out that the above figure is still 24% below the pending home sales of December 2006.
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