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Freddie Mac's First Mortgage Rate Survey for 2012 Shows Interest Rates at Record Lows
Today, 1/5/2012, Freddie Mac reported that the average mortgage interest rate for 30 year fixed-rate mortgages was 3.91%, down from 3.95% last week. The average interest rate for 15 year fixed-rate mortgages was 3.23%, down from 3.24% last week. A year ago the 30 year rate was 4.77%!
At the start of the new year, reports are indicating some improvement in the housing markets and the manufacturing sectors of the USA. In November of last year pending home sales were nearly 5 times greater than had been predicted. This was the strongest report since April in 2010. Spending on "residential construction" was also up in November indicating a move in a positive direction for at least part of our economy. I am hoping that these positive trends, and perhaps some more in the weeks to come, continue well into 2012. All of us would be appreciative of that.
Do keep in mind that we are a very large country, So figures that come out for the entire nation, may have little or no relevance for your particular area. In the end, it is best if you speak with a local REALTOR or financing expert to see what the situation is for your part of the ... more

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