Today 10/18/07, Freddie Mac reported that the average mortgage interest rates for 30 and 15 year fixed-rate loans either stayed the same as last week or went up just a bit. Nationally the average mortgage interest rate for 30 year fixed-rate mortgages was 6.40% (6.36% in the southeast), unchanged from a week ago. The average interest rate for 15 year fixed-rate mortgages was 6.08%, up from 6.06% last week.
"Both economic indicators and mortgage rates came in mixed this week", said Frank Nothaft, Freddie Mac vice-president and chief economist. "While retail sales were stronger in September, consumer confidence fell below market expectations in October. Moreover, both the core consumer price index and producer prices for September remained contained."
On October 15th Federal Reserve Chairman Nemanke said he felt that the housing market slump would continue to be a drag on the overall economy into 2008. Unsold housing inventory remains high and homebuilder confidence has reached the lowest level yet since they began charting it in 1985.
Do keep in mind that we live in a very large and complex country. What happens in California is not necessarily what is happening in Florida. And what happens in Florida may be a far cry from what occurs in Michigan. Real estate is still very much a local issue.
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.
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