Sorry I am a day late this week. Yesterday 11/20/08, Freddie Mac reported that the average mortgage interest rate for 30 year fixed-rate mortgages was 6.04% (5.96% in the southeast), down from 6.14% a week ago. The average interest rate for 15 year fixed-rate mortgages was 5.73%, down from 5.81% last week. A year ago the 30 year rate was 6.20%.
Interest rates continued to fall mirroring the drop in the economy in general. Seems like all we hear on the TV is doom and gloom, and it is affecting rates. Retail sales fell for the 4th straight month in October and consumer confidence is as low as it has been in 28 years!
Just released reports from the Federal Reserve show it lowering its growth predictions for 2008 and 2009 - DOWNWARD!
On the plus side, here in Zephyrhills our winter residents are arriving and buying homes. I sold 2 just last week, and we are closing on the sales next week. Both are cash transactions. Though not completely shielded from the economic ills of the country, retirees tend to have more liquid funds and have excellent credit. They also tend to buy in parks where the average home will sell for $75,000, or there about. We do not get rich by selling these homes, but they keep us going while many agents in other parts of the country that are not retiree meccas go for months with not a single sale. We count our blessings. And there are some good deals here if you are looking for a permanent or vacation residence in the Sunshine State. Give me a call if you are. 813-783-4444
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