Today 5/22/08 Freddie Mac reported that the average mortgage interest rates for 30 and 15 year fixed-rate loans have again moved lower for 30 year and 15 year loans, with the average rate for 30 year fixed-rate loans again below the 6% mark. Nationally the average mortgage interest rate for 30 year fixed-rate mortgages was 5.98% (5.96% in the southeast), down from 6.01% a week ago. The average interest rate for 15 year fixed-rate mortgages was 5.55%, down from 5.60% last week. A year ago the 30 year rate was 6.37%.

Reports of lower industrial production in April and news that consumer confidence in May was the lowest since June 1980 worked together to cause interest rates to drop. However, rates on Adjustable Rate Mortgages (ARMs) were up based on news that the Federal Reserve may be reluctant to lower rates further in the near future.

The housing slump is still a concern to many, but housing starts for multi-family dwellings did rise in April. Starts of single-family homes dropped to 620,000 units, 62% below the peak that occurred in November 2005. Homebuilder confidence was also down in May.

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.