John's Florida Real Estate Blog

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New Record Lows for Average Mortgage Interest Rates says Freddie Mac

Down Arrow - JTEYesterday, 5/10/2012, Freddie Mac reported that the average mortgage interest rate for 30 year fixed-rate mortgages was 3.83%, down from 3.84% last week. The average interest rate for 15 year fixed-rate mortgages was 3.05%, down from 3.07% from last week. A year ago the 30 year rate was 4.63%.

Not since 1951 have rates been this low! Since early December 2011 the average interest rate for 30 fixed-rate mortgages has been below 4% for all but 1 week.

The job report for April was weaker than expected. Then the economic news out of Europe was not very good since both Greece and France had elections that seemed to run counter to the steps that had been taken to improve their economic situations. Now, who knows what will happen there? Markets don't like uncertainty and bond yields decreased. Mortgage interest rates went in the same direction. At least gas prices seem to be coming down. That will be welcome news for motorists this summer.

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 • May 10 2012 06:58PM

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