Today, 6/21/2012, Freddie Mac reported that the average mortgage interest rate for 30 year fixed-rate mortgages was 3.66%, down from 3.71% last week. The average interest rate for 15 year fixed-rate mortgages was 2.95%, down from 2.98% last week. A year ago the 30 year rate was 4.50%. Makes you wonder if the rates are going to hover around this area for some time. It would be good for buyers AND sellers if it does. Makes homes much more affordable than when rates were above 6%. And that was not all that long ago!
Freddie Mac said that the yield on treasury bonds went south so mortgage rates followed. This happened due to less than positive news in other areas of the economy, such as: industrial production fell in the last two months ending in May, consumer sentiment fell in June, and the Federal Reserve said that employment grown and personal spending were growing only slowly.
On the positive side of the scale, construction on single-family homes was up for the third straight month. And home builder confidence was also higher. I also heard a report that building permit requests for future construction had also increased. So good and bad news this week.
At least the Greek government appears to be conservative now and that could help, in part, to stablize the Eurozone which could affect us as well. Let's hope so.
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