Today, 10/11/2012, Freddie Mac reported that the average mortgage interest rate for 30 year fixed-rate mortgages was 3.39% up barely from 3.36% last week. The average interest rate for 15 year fixed-rate mortgages was 2.70%, up from 2.69% last week. A year ago the 30 year rate was 4.12%.
For all intents and purposes, there was no real change in the rates. The unemployment figures last week were good, but had minimal effect. Just as well. Often good news makes the rates go up. So buyers, take this as a warning. Next week, we could see higher numbers again. We will just have to wait and see. My niece is buying a home and she will be very lucky to lock in rates below 4% for the next 30 years!
Here are today's comments from Freddie Mac's spokesperson: "Mortgage rates were little changed this holiday week following the employment report for September. Payroll employment increased by 114,000 workers, although manufacturing jobs dipped for the second month in a row. Employment in the prior two months was revised up 86,000 and the unemployment rate fell to 7.8 percent, marking the lowest rate since January 2009."
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: firstname.lastname@example.org You are also welcome at my webpage: www.jelwell.century21bnr.com Licensed in Florida.