Today, 12/08/2011, Freddie Mac reported that the average mortgage interest rate for 30 year fixed-rate mortgages was 3.99%, down from 4.00% last week. The average interest rate for 15 year fixed-rate mortgages was 3.27%, down from 3.30% last week. A year ago the 30 year rate was 4.61%.
Freddie Mac reported that the median sales price of homes had declined 4.7% since October 2010 and that the average mortgage interest rates had also declined, by about 0.62%. Many buyers are taking advantage of these circumstances to snap up bargains as "housing affordability" indicators rise to record levels in 2011. However, in our local market we are seeing that often the nicest foreclosures and short sale homes have already been purchased. Those that are left frequently need work or are somehow less desirable than those that sold earlier in the year.
It was also reported that the "affordability level" index was very likely the reason that applications for home mortgages in the first week of December 2011 was the highest in almost a year. Sounds like a lot of buyers like locking in interest rates that we might not see again for decades! Hope some of you will be able to as well.
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 United States. Florida is not Michigan, nor is Maine the same as California. Market conditions can be very different from place-to-place. Also, your own credit history, the property you want to buy, etc. will effect your specific loan options and interest rates. Your mortgage broker or bank loan officer can give you more specific information.
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.
I would also be happy to assist you in any way that I can. Just call JOHN ELWELL - REALTOR at CENTURY 21 Bill Nye Realty, Inc. : 813-783-4444 or e-mail me at: jelwell1@tampabay.rr.com You are also welcome at my webpage: www.jelwell.century21bnr.com Licensed in Florida.
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