Today 7/17/08 Freddie Mac reported that the average mortgage interest rates for 30 and 15 year fixed-rate loans moved lower. Nationally the average mortgage interest rate for 30 year fixed-rate mortgages was 6.26% (6.21% in the southeast), down from 6.37% a week ago. The average interest rate for 15 year fixed-rate mortgages was 5.78%, down from 5.91% last week. A year ago the 30 year rate was 6.73%.
Average mortgage interest rates dropped after speculation emerged that seemed to indicate that the Federal Reserve might not raise their "overnight bank-lending rate this year after all". Retail sales in June rose at the lowest rate since February, and consumer confidence remained low. This along with testimony by Fed Chairman Bernanke that indicated that economic growth over the short-term was an uncertainty, helped interest rates continue a downward trend last week.
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.