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Current Market Mortgage Rates

Posted on July 10, 2014

The past few years the Florida real estate market has been categorized by historically low mortgage rates.  The bubble’s low rates and federal stimulus incentives allowed first-time homebuyers to become homeowners and existing homeowners to further spread their wings.

That was then, the question remains what is going on now? Like clothes on sale or the state of the stock market, it all depends on when you check.

The 30-year fixed mortgage rate on Zillow® is steadily increasing. At 4.03 percent, this is up five basis points from last week.  That is still relatively low, especially compared to 6.4 percent in October of 2008.  However, sources forecast rates to rise near 5 percent by the end of2014.

It is important to note that this is not necessarily a bad thing. Rising rates are often a sign of a more stable economy.  Plus, the rise is relatively slow as we are already at the end of the second quarter. Let us also remember the benefits of buying a home in a secure economic state.

For more specific details about mortgage rates, contract  RE/MAX Southern Realty’s Owner/Broker, Brad Shoutls today.

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