Today, 1/19/2012, Freddie Mac reported that the average mortgage interest rate for 30 year fixed-rate mortgages was 3.88%, down from 3.89% last week. The average interest rate for 15 year fixed-rate mortgages was 3.17%, up from 3.16% last week. A year ago the 30 year rate was 4.74%!
Even though the drop was minimal and the average rate for 15 year fixed-rate mortgages inched upward, the fact that the rates have stayed below 4% for so long is good for buyers who want to keep short-term and long-term costs down, and also for sellers who want motivated buyers.
A Freddie Mac spokesperson said, "Mortgage rates were nearly unchanged this holiday week in lieu of a mixed bag of economic data reports. On the consumer front, retail sales edged up only 0.1 percent in December, but the Reuters/University of Michigan sentiment index continued to climb in January to the highest reading since February 2011. On the business side, industrial production rose 0.4 percent in December, slightly below the market consensus forecast, and the core producer price index rose faster than market expectations. Finally, on the home construction front, builder confidence rose for the fourth consecutive month in January to the highest level since June 2007."
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 Licensed in Florida.
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