Florida Mortgage Loan Rates Up Slightly

The average rates on both 30- and 15-year Florida mortgages rose slightly in the latest week, according to a survey released Thursday.

Conventional 30-year home loan rates (considered the industry’s benchmark rates) averaged 6.13 percent, up slightly from last week’s 6.12 percent.

The average 15-year Florida mortgage, meanwhile, averaged 5.89 percent, up a little bit from 5.86 percent a week earlier, Freddie Mac’s survey showed.

One-year adjustable rate mortgages averaged 5.44 percent, a slight drop from the 5.45 percent levels posted last week.

For reference, one year ago, 30-year mortgages averaged 6.26 percent, 15-year mortgages 5.79 percent, and the one-year ARMs 5.22 percent.

“A quiet week for financial markets translated to a quiet week for mortgage rates and home mortgage applications as well. This isn’t much of a surprise, as traditionally the December holiday season tends to be rather slow for housing,” said Frank Nothaft, Freddie Mac V.P.

Overall, Florida mortgage lenders charged an average of 0.4 origination fees and points on 30-year home loans, the same as last week. A point is typically one percent of the Florida home loan’s total value.

Companies also charged borrowers an average of 0.4 points on 15-year Florida home loans, down from 0.5 last week, and 0.6 percent on the one-year ARM, down from last week’s 0.8.

The 5/1 ARM, set at a fixed rate for five years and able to adjust each following year, rose to 5.96 percent from 5.92 percent. Fees and points charged on hybrid Florida mortgages averaged 0.5 percent, down from 0.6 percent last week.