Today, 7/26/2012, Freddie Mac reported that the average mortgage interest rate for 30 year fixed-rate mortgages was 3.49%, down from last week when it was 3.53%. The average interest rate for 15 year fixed-rate mortgages was 2.80%, down from 2.83% last week. A year ago the 30 year rate was 4.55%. Two weeks ago I asked if we had finally reached a "bottom". I guess that for now anyway, the answer is a resounding "NO"! But enjoy them while we have them guys. Reports are saying that home prices are rising, and I suspect before this year is out, interest rates will rise as well. So don't wait too long!
Due to a few negative economic reports for the past month or two, treasury bond yields went doan, and as is usual, mortgage interest rates followed them down. Existing home sales fell in June to a level not seen since October 2011. (However, keep in mind that our current inventory of unsold homes is now much lower so it only makes sense that if there are less homes available for purchase, there will be less homes sold: John Elwell) New home sales also fell in June. These reports were the major factors that drove treasury bonds and mortgage rates lower.
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: firstname.lastname@example.org You are also welcome at my webpage: www.jelwell.century21bnr.com Licensed in Florida.