Today 4/3/08 Freddie Mac reported that the average mortgage interest rates for 30 and 15 year fixed-rate loans have begun to move upward once again. Nationally the average mortgage interest rate for 30 year fixed-rate mortgages was 5.88% (5.86% in the southeast), up from 5.85% a week ago. The average interest rate for 15 year fixed-rate mortgages was 5.42%, up from 5.34% last week. A year ago the 30 year rate was 6.17%.

If you have good credit and can qualify for a conforming loan (not subprime) your interest rates will still be on the low side, historically speaking. However, average rates did creep up a bit based on the belief that the economy might be a little stronger than had been predicted. Consumer spending was revised upward for the last quarter of 2007 and February's personal income growth was reasonably strong. A strong economy can fuel inflation fears and that helped push rates up a bit this past week.

According to a Freddie Mac spokesperson "Housing, however, still continues to be a drag on the economy. In 2007, residential fixed investment shaved nearly a full percentage point off of GDP, the most since 1980. In February, median existing house prices (excluding condominiums and co-ops) were 16.0 percent below the peak in June 2007 and median new home prices were 7.0 percent below the record set in March 2007. Moreover, new construction of one-family homes was 61.5 percent below its all-time recent peak in January 2006."

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.