Today 3/13/08, after a drop last week, Freddie Mac reported that the average mortgage interest rates for 30 and 15 year fixed-rate loans moved upward again. Nationally the average mortgage interest rate for 30 year fixed-rate mortgages was 6.13% (6.08% in the southeast), up from 6.03% a week ago. The average interest rate for 15 year fixed-rate mortgages was 5.60%, up from 5.47% last week. A year ago the 30 year rate was almost exactly as it is today, 6.14%. Funny how we seem to go round-and-round sometimes.
Freddie Mac is reporting that interest rates are up for ALL mortgage products this week. However, the average 30 year mortgage interest rate over the past 11 weeks, was still the lowest it has been since 2005.
Lower interest rates and lower home prices combined to create a more affordable housing market. (Seems like I mentioned this once or twice in the past months). January 2008's pending home sales held steady, though it had been predicted that they would drop as much as 1%. Many believe that this "steady" trend will continue when February's figures are released.
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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