Today, 4/12/2012, Freddie Mac reported that the average mortgage interest rate for 30 year fixed-rate mortgages was 3.88%, down from 3.98% last week. The average interest rate for 15 year fixed-rate mortgages was 3.11%, down from 3.21% from last week. A year ago the 30 year rate was 4.91%. Big difference between this year and 2011. Also a big alteration from last week to this week! Changes like this can make a big difference in the total interest that you will pay over the life of a 30, or even a 15, year fixed-rate loan.
A Freddie Mac spokesperson said that since the yields on long-term Treasury bonds were lower, mortgage interest rates dropped as well. This apparently was due to the lower than expected employment reports. More jobs were added to our economy, but just not as many has had been hoped for. The unemployment rate did, however, fall to the lowest level that it has been since January 2009. The Federal Reserve did say that hiring was "steady" and showed modest increases in most of its Districts as of April 11th. So, we are adding jobs, and I am hoping that this "snowballs" in months to come. More jobs means more consumers who will be ready to take advantage of low home prices and historically low mortgage interest rates.
On a positive note, in our area prices appear to be going up some and there have been some bidding wars breaking out for specific properties. Have not seen those in a while. In my humble opinion, I do see positive indicators in our small part of the world around Zephyrhills, Florida. One can only hope that this continues and that other parts of the country will continue to rebound, albeit slowly.
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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