Florida Mortgage Rates Creeping Up Again

Average Florida mortgage rates on conventional, 30-year loans continued to creep upward over the past week, according to a survey of lenders in the state released by finance company Freddie Mac.

Meanwhile, 15-year mortgages, a popular choice for those interested in Florida home mortgage refinancing, held steady over the past week.

Rising 0.02 percent on average, 30-year Florida mortgages climbed to 6.25 percent from 6.23 percent last week, while the rates on 15-year mortgages remained at 5.98 percent.

At the same time, the average rates on adjustable rate mortgages slid to 5.49 percent from 5.51 percent the previous week.

A year ago at this time, 30-year Florida mortgage rates averaged 6.12 percent, 15-year mortgage costs 5.70 percent and the one-year ARM 5.20 percent.

Frank Nothaft, V.P. and chief economist for Freddie Mac, attributed this week’s mortgage rates to the mixed reports regarding the market and the fact that while conditions are a bit uneasy now, leading economic indicators show steady growth in the future.

During the upcoming week, the first estimate of fourth-quarter GDP growth, along with other economic reports, will further affect the course of the average Florida mortgage rates.

The Florida Association of Realtors reported that both sales of existing homes and the number of homes available for sale fell in December. Home sales fell 0.8 percent, the group said, but many agree that the worst of the Florida housing market slump is behind us.

Across the Sunshine State, lenders charged an average of 0.4 points on 30- and 15-year home mortgages, both unchanged from levels recorded last week. They charged 0.5 percent on the one-year ARM, also the same as last week.

The 5/1 ARM, set at a fixed rate for five years and then adjustable each following year, crept down to 6.00 percent from 6.04 percent. Total points charged on a hybrid Florida mortgage loan averaged 0.5 percent, up from last week’s 0.4 percent.