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Posted on Friday, 09.04.2009

Florida Mortgage Rates Continue to Fall

According to Bankrate.com's weekly national survey released Thursday, the average 30 year fixed mortgage rate fell to 5.41% which has an average of 0.27 discount and commencing points. This is great news for those Floridians who now have a chance to purchase Miami real estate at discounted prices.

The average 15 year fixed and jumbo 30 year fixed mortgage rates declined by equally, to 4.74% and 6.34%. Adjustable rate mortgages (ARM) were mixed; with the average one-year ARM rising to 5.15% and the five year ARM lower to 4.94%.

As concerns about the sustainability of an economic rebound increased, mortgage rates withdrew to levels that were seen last in May. Ironically, these worries came about despite a number of upbeat economic releases, including reports on manufacturing, consumer sentiment and pending home sales. But frailty in consumer spending and growth in household income provoked investors to move from stocks to the safety of government bonds. Florida mortgage rates are strongly related to the yields on long-term government bonds.

You may go to our Miami real estate page to read articles on economic releases including pending home sales, consumer sentiment and manufacturing: http://www.miami-info.com/us-miami-housing-marktet-09-03-2009.php .

Florida mortgage rates are lower than one year ago- one full percentage point. This time last year, the average 30 year fixed mortgage rate was 6.55% which means a $200,000 loan would have had a monthly payment of $1,270.72. With the average rate now 5.41%, the monthly payment for the same size loan would be $146 less per month at $1,124.31.

Bankrate's national mortgage survey is conducted from data provided by the top 10 banks and thrifts in the top 10 markets on each Wednesday of the week.





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