Florida Mortgage Interest Rates
Interest Rate Quotes
Note: Due to the recent changes in Florida Mortgage Lender licensing laws, Metro Mortgage Company is temporarily suspending our lending activities in the state in order for us to re-organize under the new guidelines. The process is likely to take 60 to 90 days. We apologize for this interruption in our services and look forward to being back up and running very soon.
The following are average market rates available 09/03/2010 for the selected home loan programs.
30 Year Conventional Fixed Loan - 4.34%*
15 Year Conventional Fixed Loan - 3.86%*
5/1 Conventional Arm - 3.39%*
Mortgage Calculator
*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. 2.75%). 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 2.74. Treasury yields are up big this morning. Traders have moved from the safe haven play to taking profits after the employment report. Investors bailed on the market to take advantage of the upward move in stocks. The stock market is up at the open and mortgage backed securities are mixed. Interest rates have adjusted accordingly.
The 30-Year Mortgage averaged 4.55% 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%
08/10/2010: The Federal Reserve left rates unchanged.
Mortgage Industry News
In recent Mortgage Industry news:
- Fannie Mae Tightens Lending Guidelines
- Changes to Lending Rules for Florida Condos
- New HUD Guidance for Property Flippers and First Time Buyers
- New HUD Guidance for FHA Loans and Short Sales
- Revised FHA Condo Rules - HUD Relaxes Some Guidelines, Tightens Others
- Congress Extends Higher Loan Limits Through 2010
- New FHA Rule Regarding Condominium Financing
- Florida Moves Up in Home Loan Closing Cost Survey
- The Mortgage Bankers Association of America reported that its overall loan application index rose 2.7% last week. The purchase index rose by 1.8% and the refinance index increased by 2.8%. Refinances accounted for 82.9% of application activity and adjustable rate mortgage applications accounted for 6.1% of the total applications.
- Government extends new law that allows a tax deduction for mortgage insurance premiums through 2010. The federal tax deduction will be for borrowers who closed on their loans after January 1, 2007 and make less than $100K per year. The deduction will apply to both government and private mortgage insurance premiums and on average should save those eligible between $300 and $350 in taxes.
- The conforming mortgage loan limit between regular mortgages and jumbo mortgages won't rise in 2010 (currently $417K). Each year, the amount may rise or fall depending on government guidelines for changes in home values.
- Disputed Accounts On Credit Report Kill Mortgage Applications
- Foreclosure Purchases and the FHA 203(k) Rehabilitation Loan Program
- Fannie Mae Updates Delinquent Borrower Policy
More Florida Mortgage Loan Information
For information on other Florida home loan related topics, please use our Florida Mortgage Library or feel free to contact us directly. We'll be glad to help.
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