Today, 11/10/2011, Freddie Mac reported that the average mortgage interest rate for 30 year fixed-rate mortgages was 3.99%, down from 4.00% last week. The average interest rate for 15 year fixed-rate mortgages was 3.30%, down from last 3.31% week. A year ago the 30 year rate was 4.17%. Nice to be below the 4% point once again. Hope some of you can take advantage of the low rates we have this week.
Again, the dreaded "mixed market reports" caused the interest rates to move only slightly. Wish we could ban the word MIXED from the English language. I get tired of reading it in reports. We did add 80,000 jobs in October, but that was way below what we wanted. Good news is that the job numbers for the previous two months were modified upward. Unemployment is at the lowest level it has been in the past 6 months. Still not great, but it could be worse.
Home affordability remains high due to low home prices and low financing costs. For the most part, prices are still dropping a little bit in many metropolitian areas, but the sales numbers for existing homes are rising, especially in places like Florida. We need to get rid of the huge inventory of homes and then we will see further price stabilization and some actual increases. Sellers will like that.
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: email@example.com You are also welcome at my webpage: www.jelwell.century21bnr.com Licensed in Florida.