Florida Home Loan Rates Continue to Plummet

Listen up, potential Florida home loan applicants:

Once again Freddie Mac is reporting that Florida mortgage rates have dropped from the preceding week. They’ve now reached levels not seen since late March and early April.

The Primary Mortgage Market Survey for the week ending August 31 reported that the 30-year fixed-rate mortgage averaged 6.44 percent, with an average of 0.4 points, compared to the average the previous week of 6.48 percent. This represents the lowest level for the 30-year since April 6.

In other words: there hasn’t been a better time to receive a deal on a Florida mortgage loan in months. It’s something ALL hopeful owners need to consider.

The 15-year fixed-rate mortgage averaged 6.14 percent and 0.4 points, down 4 basis points from the week ended August 24. One year ago the 15-year averaged 5.32 percent, but this week’s rate was the lowest level since April 6 when it was 6.10 percent.

Frank Nothaft, Freddie Mac vice president and chief economist said:

“Mortgage rates continued to drift lower this week in large part because of the cooling in the housing market and in consumer confidence, thus giving financial markets reason to believe that economic growth will moderate and inflation will remain in check.

“By some indicators, personal incomes are growing faster than the cost of housing. Combined with the still historically low mortgage rates, this will help to support the housing industry as it levels off from the record highs of the last few years.”

Nothaft is basically speaking directly to first-time home buyers out there. Those seeking the perfect time to apply for a reasonable Florida home mortgage have found it.