Today, 3/12/09, Freddie Mac announced that the average mortgage interest rate for 30 year fixed-rate mortgages was 5.03% (5.05% in the southeast), down from 5.15% a week ago. The average interest rate for 15 year fixed-rate mortgages was 4.64%, down from 4.72% last week. A year ago the 30 year rate was 6.13%.
Unfortunately, the text description of the weekly survey details is the same one as they released last week when rates went higher. So I am unable to comment at this time on the reasons for this week's drop in rates. Guess we just need to be thankful they went down. Anything around 5% is good for home buyers and sellers. Not to mention the rest of us who make our livings based on the sales of properties.
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.
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