Florida Mortgage Interest Rates
Interest Rate Quotes
The following are average market rates available 09/19/2012 for the selected home loan programs.
30 Year Conventional Fixed Loan - 3.51%*
15 Year Conventional Fixed Loan - 2.93%*
5/1 Conventional Arm - 2.95%*
*Market Rate Data provided from FNMA/FHLMC and is for informational purposes only.
Understanding Home Loan Rates
Mortgage interest rates change daily, Monday through Friday, and may change during the day if market events justify their movement. Although interest rates are tied directly to the mortgage backed securities market, a easy indicator for their movement is the 10-Year Treasury bond. The bond information is readily available on cable news programs and in daily newspapers. Usually what you will see posted is the bond yield in a percentage form (i.e. 2.10%). When the yield goes up, rates go up and vice versa. While interest rate movements are not strictly tied to such movements in the bond, you can use it as an indicator of what also may be happening to home loan rates.
Besides numerous outside influences which can effect the mortgage market just like the stock market (i.e. world events), there are other direct influences which may make interest rates change. We are providing examples of these weekly influences below and you can follow their results here.
Economic News - Market Update
The 10-Year Treasury Bond is at 1.77. Treasury yields are down this morning. Stocks are up at the open. Mortgage backed securities are also mixed and interest rates have adjusted accordingly.The conventional 30-Year Mortgage averaged 3.72% last week. For more information on interest rate trends, visit www.MBAA.org.
PRIME RATE: 3.25%
FED FUNDS RATE: 0.25%
DISCOUNT RATE: 0.75%
06/20/2012: The Federal Reserve left rates unchanged.
Mortgage Industry News
In recent Mortgage Industry news:
- The Mortgage Bankers Association of America reported that its overall loan application index fell 0.2% last week. The purchase index fell 4% and the refinance index increased by 1%. Refinances accounted for 81% of application activity and the adjustable-rate mortgage (ARM) share of mortgage activity was at 5%.
- The conforming mortgage loan limit between regular mortgages and jumbo mortgages won't rise in 2012 (currently $417K). Each year, the amount may rise or fall depending on government guidelines for changes in home values.
Related Mortgage Blog Posts:
- Fannie and Freddie Extend Unemployed Mortgage Relief Programs
- Changes Again in High Cost Loan Limits
- Fannie Mae Announces Underwriting Guideline Changes
- Changes to Lending Rules for Florida Condos
- FHA Waiver of 90 Day Anti-Flipping Regulations Extended Through 2012
- New HUD Guidance for FHA Loans and Short Sales
- Revised FHA Condo Rules - HUD Relaxes Some Guidelines, Tightens Others
- New FHA Rule Regarding Condominium Financing
- Florida Moves Up in Home Loan Closing Cost Survey
- IRS Guidance for Forgiven Mortgage Debt
- FHA Increases Mortgage Insurance Premium
- Fannie and Freddie Home Loan Fees to Increase
- Disputed Accounts On Credit Report Kill Mortgage Applications
- Fannie Mae Updates Delinquent Borrower Policy
Our Florida Mortgage Library
For information on other Florida home loan related topics, please use our Florida Mortgage Library. It's full of residential lending information to help you successfully apply for a home loan.
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