Florida Mortgage Rates Rise For Week
Fixed mortgage rates moved higher across the board this week, according to a Bankrate.com survey of Florida mortgage lenders.
The average 30-year fixed mortgage rate - the industry’s most common and benchmark financing product - rose slightly to 6.25 percent. The 30-year fixed rate mortgages had an average of 0.27 origination points.
The average 15-year fixed-rate loan, a popular Florida mortgage refinancing option, increased to 5.97 percent over the past seven days.
On larger loans, the average 30-year, fixed-rate jumbo mortgage rose up slightly to 6.52 percent. Adjustable rate mortgages also stepped up with the average 5/1 ARM to 6.12 percent and the average one-year ARM rose to 5.97 percent.
Florida mortgage rates nudged higher, but only slightly so, for the third straight week. They are still stuck within the same narrow range they’ve been in for most of the year.
The economy hasn’t shown enough signs of either strength or weakness to give rates a hard shove in either direction. This week, unease over Iran had a hand in pushing mortgage rates upward a bit, while housing and employment reports have been conflicting in recent weeks.
Fixed mortgage rates are still notably lower than last summer when the Federal Reserve last raised interest rates. At the time, the average 30-year fixed mortgage rate peaked at 6.93 percent, and a $165,000 Florida home loan carried a monthly payment of $1,090.00.
With the average 30-year fixed rate now 6.25 percent, the same Florida home loan originated today would carry a monthly payment of $1,015.93.
In turn, fixed home loan rates offer a compelling refinancing alternative for those adjustable-rate mortgage borrowers facing sharp payment adjustments.
The survey is complemented by the weekly forward-looking Rate Trend Index, in which a panel of mortgage experts predicts which way the rates are headed over the next 30-45 days.
Panelists are divided this week, with half of the respondents expecting mortgage rates to remain more or less unchanged. Among the other half, 29 percent predict rates will fall and 21 percent forecast a further increase in the next 30-45 days.
SOURCE: Bankrate.com
