Today, 9/11/2014, Freddie Mac reported that the average mortgage interest rate for 30 year fixed-rate mortgage was 4.12% up from 4.10% last week. The average interest rate for 15 year fixed-rate mortgages was 3.26%, up a little from 3.24% last week. A year ago the 30 year rate was 4.57%.
Interest rates and inventory level are still low. But finally we are seeing sellers who bought after the "boom" make some money on their sales rather than just breaking even or even having to bring money to closing just to get the sale done. Hopefully that will only increase in the future as prices continue to inch upward while interest rates stay low. At this point I have seen no interest by the Federal Reserve to increase rates and thus derail our housing recovery. And remember, it is an mid-term election year! That does, for better or worse, often make a difference.
Freddie Mac's spokesperson said, "Mortgage rates were up slightly this week, following the increase in 10-year Treasury yields, despite last week's disappointing employment report. The U.S. economy added only 142,000 jobs in August, after a 212,000 gain in July and a 267,000 increase in June. The unemployment rate fell to 6.1 percent in August from 6.2 percent the previous month."
Though it would be nice to see bigger jobs numbers, keep in mind that the unemployment figures were much higher than 6/1% not all that long 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 local lender you can find several at my website: www.jelwell.century21bnr.com
You can also contact 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. in Zephyrhills, Florida: 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