Today, 5/15/2014, Freddie Mac reported that the average mortgage interest rate for 30 year fixed-rate mortgage was 4.20% down from 4.21% last week. The average interest rate for 15 year fixed-rate mortgages was 3.29%, down from 3.32% last week. A year ago the 30 year rate was 3.51%.
With the home buying season starting in much of the country now that the weather is warming, these lower interest rates may encourage more home buyers to take the plunge. Locking in these low rates for the next 15 or 30 years will be a gift that keeps on giving for years to come. It was not all that long ago when 6% rates AND higher were the norm. I don't know about you, but I could sure use extra money in my pocket at the end of each month. Not to mention, with lower rates you can qualify to buy a larger home if you need one. So give it some thought!
Freddie Mac's spokesperson said, "Mortgage rates were little changed amid a week of light economic reports. These lower than expected rates are welcome news with the spring home buying season underway and may even provide those who haven't already refinanced possibly a reason to take another look. Of the few releases, advanced retail sales rose 0.1 percent in April, but below the market forecast consensus of a 0.4 percent increase. Also, the Producer Price Index for final demand rose 0.6 percent in April which followed a 0.5 percent boost from the prior month."
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 local lender you can find several at my website: www.jelwell.century21bnr.com
You can also contact 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. in Zephyrhills, Florida: 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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