Today, 3/15/2012, Freddie Mac reported that the average mortgage interest rate for 30 year fixed-rate mortgages was 3.92%, up from 3.88% last week. The average interest rate for 15 year fixed-rate mortgages was 3.16%, up from 3.13% from last week. A year ago the 30 year rate was 4.76%. Current rates still remain historically low and the Federal Reserve said this week that they have no intentions at this time of raising rates before 2014. Of course, things can change in the world, so the only sure thing is that for RIGHT NOW the rates are low. So get them while you can. The future is never guaranteed! Oh that it were!
A Freddie Mac spokesperson said that upbeat news concerning the economy in recent weeks pushed the yield on bonds higher and thus mortgage interest tagged along. But just a bit. No huge increases. As many of you heard on the news, for the third straight month lots of jobs were added, 227,000 in February 2012. More than had been predicted. Freddie Mac said, "Job growth over the past six months was the strongest since 2006." Not too shabby in my personal opinion.
The Federal Reserve also predicted that the number of people who are unemployed in the US will continue to decline to more reasonable levels. And at some point, we will reach a point where interest rates remain "moderate" and "maximum employment" will be achieved. I wish I had a crystal ball and could make a prediction, but I feel much more optimistic now than I did even a year ago.
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