John's Florida Real Estate Blog

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Freddie Mac: Average Mortgage Interest Rates Slip Just a Little Bit Lower This Week

Down Arrow - JTEToday, 3/8/2012, Freddie Mac reported that the average mortgage interest rate for 30 year fixed-rate mortgages was 3.88%, down from 3.90% last week. The average interest rate for 15 year fixed-rate mortgages was 3.13%, down from 3.17% from last week. A year ago the 30 year rate was 4.88%. Take advantage of these rates if you can! Nothing lasts forever, even though it may seem like they will.

A Freddie Mac spokesperson said, "With these historically low rates and declining house prices, the typical family had more than double the income needed to purchase a median-priced home in January, according to the National Association of Realtors® Housing Affordability Index which registered the highest reading since records began in 1970. In fact, the Corelogic® National Home Price Index fell for the sixth consecutive month in January to the lowest level since January 2003. This high level of affordability likely contributed to the recent two-week rise ending March 2nd in mortgage applications for home purchases."

Again, a week of pretty good news on the housing front. Could it be that the worst of the bubble's burst is behind us? A lot of indicators are hinting that the answer is "Yes"! There are still a lot of foreclosures and short sales out there (distressed properties). But in our area, just from my personal observations, there seems to be less than there were before. Just my perception.

Of course, winter is our "high season" in Zephyrhills with many people here looking for vacation and winter homes. The snowbirds are out there and many are getting good deals. Though the prices in the 55+ subdivisions never took the huge dives that they did in the "real world". But there indeed are some good buys to be had and savy retirees will pay heed to those. Next year, pricing could be much higher. We do not see it going much lower. There is also more competition for properties. I had just listed a home this week, and before I could get it into the Multiple Listing Service, I already had 2 very good offers on it. "Move it or lose it" is the credo that seems to apply.

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 • March 08 2012 06:31PM

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