Average mortgage interest rates on 30-year Florida home loans rose in the latest week to their highest since late October 2006, according to a weekly survey. (more…)

Average interest rates on U.S. 30- and 15-year Florida mortgages rose this week, according to a weekly survey released by Freddie Mac Thursday. (more…)

Florida mortgage rates were mixed this week, with longer-term rates easing slightly, Freddie Mac said Thursday, on cooling inflationary fears. (more…)

Florida mortgage rates showed little movement this week following a sharp slowdown in consumer spending growth and slow inflationary readings.

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Average interest rates on Florida mortgages were little changed in the past week, a weekly Freddie Mac survey revealed Thursday.

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Florida mortgage rates declined slightly over the past week, as home loan costs on 30-year fixed-rate financing products fell for the first time since back early in March.

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After weeks of slowly dropping, average rates on 30-year Florida mortgages rose to 6.22 percent in the week ending this Thursday, according to a weekly Freddie Mac survey of large home loan providers.

Last week, Florida mortgage rates averaged 6.17 percent.

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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

Florida mortgage rates moved slightly or not at all in the past week as conflicting signals continue to permeate regarding the housing market.

The benchmark Florida home loan - the 30-year fixed-rate mortgage - didn’t change at all over the past week, according to a Freddie Mac survey.

The loan remained at 6.16 percent for the week ending March 29, while the 30-year Florida mortgage averaged 6.35 percent a year ago.

“Despite concerns about possible spillover from the subprime market, rates on 30-year fixed-rate mortgages remained stable,” said Frank Nothaft, Freddie Mac V.P. and chief economist.

Meanwhile, data on both existing and new home sales continued to send mixed signals regarding the Florida housing market’s future.

“The rise in existing home sales in February to a 6.69 million unit pace, the highest level since last April… In contrast, February’s new home sales fell, unexpectedly, to the slowest pace since 2000. That suggests more time before a housing recovery,” Nothaft said.

Over the past week, 15-year fixed mortgage rates averaged 5.86 percent, a decline from last week’s 5.90 percent and from an even 6 percent one year ago.

Five-year Treasury-indexed hybrid adjustable-rate Florida mortgages averaged 5.88 percent, down from last week’s 5.91 percent and 6.02 percent last year.

One-year Treasury-indexed ARMs averaged 5.43 percent, up from last week’s 5.40 percent, and down from 5.51 percent a year ago.

To obtain the rates listed above, a Florida mortgage lender required, on average, the payment of 0.4 points on 15- and 30-year mortgages.

The 5-year ARM required the up-front payment of an average of 0.5 points and the 1-year ARM required an average of 0.6 points.

Florida home mortgage loan application volume decreased 0.2 percent during the week of March 23, but is up about 17 percent compared to 2006.

SOURCE: MarketWatch

Federal Reserve Chairman Ben Bernanke does expect the escalating problems in the Florida mortgage business to spread to the rest of the economy, but noted that the Fed has given itself “flexibility” to adjust interest rates should the outlook change going forward.

Inflation is still the predominant concern, and the economy doesn’t appear to be in danger of slowing too much, but regulators remain watchful.

Analysts say the Fed appears on track to keep its key short-term interest rate - which greatly impact mortgage rates - relatively steady, but many investors appeared to read Bernanke’s comments as a sign that a rate drop is unlikely to happen soon.

Testifying before the Senate Joint Economic Committee, Bernanke offered a window into the Fed’s thinking, saying that doubts about the economy have prompted the U.S. central bank to leave itself wiggle room.

“We are looking for a bit more flexibility, given the uncertainties that we are facing and the risks that are occurring on both sides of our outlook,” he said. “Those uncertainties have increased somewhat in recent weeks.”

He was careful to hedge his remarks with a firm reiteration of the Fed’s inclination to raise federal funds interest rates, not lower them, given a high rate of inflation.

The hearing also allowed the Fed to wade deeper into the discussion of the rising number of bad credit Florida mortgage defaults among risky borrowers - those who receive loans aimed at people with suspect credit.

Bernanke’s answer, in short, was probably not.

In recent months, numerous bad credit mortgage providers have reported big financial problems. As defaults rise, many Florida mortgage company struggles have been reported in the papers, with more than a few forced to go out of business.

Many economists have expressed concerns that mortgage market problems may exacerbate a slump in the housing market and, in turn, stall the economy. But Bernanke said that is unlikely to happen.

“The impact on the broader economy and financial markets of the problems in the subprime mortgage market seems likely to be contained,” he said.

Bernanke also said that he believed “it’s worth looking at” the possibility of Congress giving the Fed authority to enforce regulations on both lenders and mortgage brokers who are not part of banking institutions.

SOURCE: International Herald Tribune