Today, 10/4/2012, Freddie Mac reported that the average mortgage interest rate for 30 year fixed-rate mortgages was 3.36% down from 3.40% last week. The average interest rate for 15 year fixed-rate mortgages was 2.69%, down from 2.73 last week. A year ago the 30 year rate was 3.94%.
These interest rates for mortgages that we have NEVER seen before in our country. Can you imagine how nice it would be to lock in that rate for the next 30 years? Are any of you trying to take advantage of this rare opportunity? Home prices are starting to rise here and in other parts of the country. Inventories are low and we even see bidding wars breaking out from time-to-time. We have not seen that in a LONG time. Don't get shut out if you are seriously considering making a home purchase. Get off the fence and your duffs and start looking at possibilities!
Here are some examples of the positive effects that Freddie Mac's spokespersons cited: "Fixed mortgage rates fell again this week to all-time record lows due to the mortgage securities purchases by the Federal Reserve and indicators of a weakening economy. The final estimate of growth in Gross Domestic Product was revised down to 1.3 percent in the second quarter, representing the slowest growth in a year. In addition, personal incomes rose only 0.1 percent in August, while July's increase was revised downward. And finally, pending home sales in August fell 2.6 percent, well below the market consensus forecast of a slight increase."
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: email@example.com You are also welcome at my webpage: www.jelwell.century21bnr.com Licensed in Florida.