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Freddie Mac States: Mortgage Interest Rates Rise Slightly Again This Week

By
Real Estate Agent with CENTURY 21 Bill Nye Realty, Inc.

Yesterday 3/5/09 Freddie Mac reported that the average mortgage interest rate for 30 year fixed-rate mortgages was 5.15% (5.18% in the southeast), up from 5.07% a week ago. The average interest rate for 15 year fixed-rate mortgages was 4.72%, up from 4.68% last week. A year ago the 30 year rate was 6.03%. So we are still nearly a full point lower than the rates were last March.

Bond yields went higher and mortgage rates followed them up that road. Jobless rate increases, help this push. This morning I saw on the news that the jobless rate now stands at 8.1% which is as bad as it has been since 1983.

Housing market continues slow overall. New  home sales fell 10.2 in January to the lowest it has been since January of 1963! Existing home sales fell 7.7% in January. Do keep in mind that these are nationwide figures. In different parts of the country things could be very different. For example, here in Florida for 5 months existing home sales had been climbing though they had been falling in the nation in general. Also, new construction has reportedly dropped and we see that everywhere in developments around here. This will help to decrease inventory which in turn should help shore up home prices. Again, in your part of the US things could be better or worse. A local REALTOR should be able to give you a clearer picture of your particular market.

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.

Posted by

John Elwell - REALTOR

CENTURY 21

Bill Nye Realty, Inc.

813-783-4444

Licensed in Florida

 

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