Florida Mortgage Rates Drop Significantly

In a week where it’s becoming increasingly clear that the housing boom has gone bust, Florida home loan rates tumbled as well.

The 30-year fixed-rate mortgage, the industry’s benchmark loan, fell 0.15 percent to 6.29 percent, according to a Bankrate.com survey of lenders.

A similar survey conducted this week by the Mortgage Bankers Association pegged 30-year Florida mortgage rates even lower at 6.18 percent.

The mortgages in this week’s survey had an average total of 0.31 discount and origination points. One year ago, the Florida home mortgage index was 5.97 percent; four weeks ago, it was 6.49 percent. That reflects just how quickly rates have fallen off, mere months after they hit their highest levels in years.

The 15-year fixed-rate mortgage, a popular choice for those considering refinancing, fell 0.16 percent to 5.96 percent. The 5/1 adjustable-rate mortgage, meanwhile, fell 0.12 percent to 6.07 percent.

News heralding slower economic growth and the sagging state of the housing market in Florida and beyond dominated the past week. It hasn’t been looking good of late. The U.S. government, for its part, announced that durable goods orders fell 0.5 percent in August, marking the second straight month they have plunged.