Today 7/10/08 Freddie Mac reported that the average mortgage interest rates for 30 and 15 year fixed-rate loans barely moved. Nationally the average mortgage interest rate for 30 year fixed-rate mortgages was 6.37% (6.32% in the southeast), up from 6.35% a week ago. The average interest rate for 15 year fixed-rate mortgages was 5.91%, down from 5.92% last week. A year ago the 30 year rate was 6.73%.
Economic reports about the housing industry were mixed this past week. And this apparently led the mortgage market to stand nearly still. April's sales of existing homes was revised even higher, but May's pending sales came in lower than had been forecast.
To add more confusion to the mix, new mortgage applications were 10% higher than they were just two weeks ago when it was reported we had reached a 5 year low. This, even though we had the 4th of July holiday right in the middle of last week's reporting period.
Has been ages since we got any clear direction from anyone. Hasn't it? However, mortgage rates are still historically low and prices are still sitting at bargain levels in many areas. I have investors buying up homes and it will be interesting to see when the general public regains its confidence and also begins to take advantage of the deals that are out there!
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.
John Elwell - REALTOR
Bill Nye Realty, Inc.
Licensed in Florida