Florida Mortgage Rates...A Reason To Smile...
Freddie Mac's Primary Mortgage Market Survey®, week ending November 6th, 2009 rides in with the Florida 30-year fixed-rate mortgage rate remaining at 5.01 with an average 0.7 points The national rate for the US is a mere at 4.98!
Fees and Points are the total charged by the lender at settlement. One point equals one percent of the loan amount. Primary Mortgage Market Survey® data provided by Freddie Mac
Frank Nothaft, Freddie Mac vice president and chief economist says
"Lower mortgage rates should help homeowners lower their monthly payments and feed the ongoing recovery in the housing market." For instance, the Federal Housing Finance Agency reported that Freddie Mac and Fannie Mae have financed more than 3.5 million refinance loans during the first nine months of 2009. Freddie Mac estimates that borrowers who refinanced their conventional loan during the third quarter reduced their interest rate by a median of 1.1 percentage points, which will save these borrowers an aggregate of $3 billion in mortgage payments over the next 12 months.
"Further, pending sales for existing homes rose for the eighth straight month in September to the strongest pace since December 2006, while spending on private residential construction jumped 3.9 percent and represented the largest gain since July 2003. In the third quarter of this year, residential fixed investment added almost a full percentage point to economic growth."
More GOOD NEWS...
Florida Realtors Commend the Extension And Expansion of The Homebuyer Tax Credit. Potential buyers now have even more incentive to purchase a Florida home due to the extension and expansion of the federal $8,000 first-time home-buyer tax credit.
While most aspects for first-time home-buyers mirror the rules currently in existence, the new law will,
- extend the $8,000 tax credit to homes under a sales contract by April 30, 2010.
- Home purchases under contract must be completed by June 30, 2010.
- The tax break will now include a new $6,500 credit for owners of existing homes who are purchasing a new principal residence.
- Existing homeowner ( Move-Up Buyers) can claim the $6,500 tax credit if they lived in their principal residence for five consecutive years out of the last eight. Plus, effective Dec. 1, 2009, income eligibility limits to claim the full credit for both groups of home-buyers have been raised to $125,000 for individuals and $225,000 for married couples.
- Move Up Buyers have the ability to take a portion of their Save Our Homes (SOH) tax savings with them when they move.
US Weekly Currency Interbank Exchange Rates November 6 2009 is 1.660
The meeting of the Federal Reserve pinpointed for the 100th time that interest rates will be kept at the current low levels for some to come. But at the same time they provided information on the factors which make it necessary for such a course of action;
- spare production capacity
- low inflation/deflation and low inflation expectations.
Unemployment figures released on Friday show that US unemployment has doubled since December 2007 and is now over 10%. Perhaps this pinpoints why US interest rates are going to be hold for quite a while.
Florida Property Service- If you need assistance to locate a Florida home with no obligations and ZERO pressure.
Property In Florida For Sale- Have a browse at a few of the properties we have on our inventory
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