Today 5/15/08 Freddie Mac reported that the average mortgage interest rates for 30 and 15 year fixed-rate loans have moved a bit lower for 30 year notes and remained unchanged for 15 year loans. Nationally the average mortgage interest rate for 30 year fixed-rate mortgages was 6.01% (5.97% in the southeast), down from 6.05% a week ago. The average interest rate for 15 year fixed-rate mortgages was 5.60%, unchanged from last week. A year ago the 30 year rate was 6.15%.
Recent comments from Federal Reserve officials seemed create an optimistic belief that things should improve economically later this year. This in turn lessened pressure on interest rates.
Regardless of the sad housing market, there were glimmers of hope concerning the overall economy. Retail sales rose twice as much in April than had been anticipated by the experts. They also revised their March figures upward. The consumer price index (CPI) rose less than expected thus easing fears of inflation problems on the horizon.
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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