Today, 10/18/2012, Freddie Mac reported that the average mortgage interest rate for 30 year fixed-rate mortgages was 3.37% down barely from 3.39% last week. The average interest rate for 15 year fixed-rate mortgages was 2.66%, down from 2.70% last week. A year ago the 30 year rate was 4.11%.
Another week of very little change in mortgage interest rates. However, it is good news that they are staying historically low. This helps buyers get the homes they want and makes it easier for sellers to get qualified buyers. That is a big part of the reason why our inventories in many parts of the country are down. Some bidding wars for properties have occurred on occasion. Talk about a "flash from the past".
Here are today's comments from Freddie Mac's spokesperson: "Mortgage rates remained more or less unchanged this week as home construction builds up steam. Construction on single-family homes jumped to an annualized rate of 11 percent in August, the strongest pace since August 2008. Over the first nine months of the year, single-family starts were 23 percent higher than the same period last year. Moreover, homebuilder confidence rose for the sixth consecutive month in October to the highest level since June 2006, according to the National Association of Home Builders/Wells Fargo Housing Market Index."
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.