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Fixed mortgage rates for buying a house in Florida fall for 8th consecutive week
Date:-24-Jun-2011
Fixed mortgage rates for buying a house in Florida fall for 8th consecutive week
The cost of taking out a fixed rate mortgage to buy a house in Florida and the USA in general has fallen for the eighth straight week, according to Freddie Mac.
The mortgage company says that the average rate on the 30-year loan fell to 4.49% from 4.55%, while the average rate on the 15-year fixed mortgage, a popular refinance option, dropped to just 3.68% from 3.74%. Both rates are the lowest for the year.
U.S. property prices and the cost of mortgage finance are now both at historically low levels, further increasing affordability levels and enabling more people to buy a house in Florida.
However, most people can’t take advantage of the low mortgage rates because they can’t meet the stringent mortgage lending requirements, which means that those people who are in a position to borrow are in a good position to take advantage of favourable market conditions.
The average rate on a five-year adjustable-rate mortgage fell to 3.28%. The five-year adjustable rate loan hit 3.25% in November - the lowest rate on records dating back to 2005.
The average rate on a one-year adjustable-rate loan fell to 2.95%. That’s the lowest on records going back to 1986.
To calculate average mortgage rates, Freddie Mac collects rates from mortgage lenders across the USA during the early part of each week. Rates to buy a house in Florida and the country as a whole often fluctuate dramatically.
