Florida Home Loan Rates Inch Downward

As predicted, Florida mortgage loan rates declined again this week, marking the eighth time in nine weeks they have done so, according to a survey released Thursday.

With the Federal Reserve holding key interest rates steady, the 30-year fixed-rate mortgage (considered the industry benchmark) averaged 6.40 percent for the week ending September 21, down from 6.43 percent.

That marks a decline of nearly half a percentage point since June of this year, but is still up significantly from last year at this time. A year ago, the typical 30-year fixed-rate Florida mortgage averaged 5.80 percent, Freddie Mac said.

The 15-year fixed-rate mortgage, a common choice for people looking to refinance, averaged 6.06 percent this week, down from 6.11 percent last week. A year ago, it averaged 5.37 percent.

Other mortgage options showed similar declines. Five-year adjustable-rate mortgages (ARMs) came in at 6.08 percent this week, down from 6.10 percent last week. A year ago, they averaged 5.31 percent.

One-year ARMs averaged 5.54 percent, down from 5.60 percent last week. A year ago, the one-year ARM averaged 4.48 percent. Experts have predicted that all rates should hover between current levels and 7 percent through the end of 2007, making this a great time to apply for a Florida home mortgage as home prices begin to level off, even subside.