Today, 10/25/2012, Freddie Mac reported that the average mortgage interest rate for 30 year fixed-rate mortgages was 3.41% up barely from 3.37% last week. The average interest rate for 15 year fixed-rate mortgages was 2.72%, up from 2.66% last week. A year ago the 30 year rate was 4.10%.
Since mortgage rates moved little and are still incredibly low, Freddie Mac's spokesmen feel that this should continue to support the recovery of the housing market. That only makes sense. Even I refinanced my modest little house this week to get my rates down from the original 6.3%. Will make my monthly payments (principal & interest) about 20% lower. Nothing to sneeze at. Others are doing the same thing.
In September 2012 "existing-home sales" were down slightly, BUT was still the second strongest annualized pace since May of 2010. So "down", yet "up"! And new home sales were up the most they have been since April 2010. In addition low prices and low interest rates have helped to push the FHFA Home Purchase-Only Home Price Index in August 2012 to its highest level since June two years ago. Plenty of good housing news to go around this week. Little-by-little things are getting better contrary to what some politicians would have you believe. Hope nothing happens to "overturn our recovery applecart".
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.