Today, 7/14/2011, Freddie Mac reported that the average mortgage interest rate for 30 year fixed-rate mortgages was 4.51%, down from 4.60% last week. The average interest rate for 15 year fixed-rate mortgages was 3.65%, down from 3.75% last week. A year ago the 30 year rate was 4.57%.
After hearing that employment figures were not good, bond yields fell and so did mortgage rates. So if you have invested in bonds, you may not be too happy. But if you are looking for financing for a home purchase, you are a little more pleased. 4.51% is a very attractive rate if you qualify.
Wages were more or less unchanged, and only 18,000 jobs were created in June, well under what had been anticipated. This moved the unemployment rate up to 9.2%, the highest it has been since December 2010. Just as an aside, many European countries would kill to have an unemployment rate that low. I lived there for 12 years and know it well.
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
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