Florida Mortgage Interest Rates
The following interest rates are available for the selected Florida home loan programs and are offered by Metro Mortgage Company of SW Florida, Inc.
Interest Rate Quotes
30 Year Jumbo Loan - 7.375% + 0 Points
FHA/VA 30 Year Loan - 6.00% + 0 Points
15 Year Fixed Loan - 5.625% + 0 Points
15 Year Jumbo Loan - 6.75% + 0 Points
3/1 Conventional Arm Loan - 5.00 + 1 Point
5/1 Conventional Arm Loan - 5.00 + 1 Point
3/1 Jumbo Arm Loan - 6.375 + 0 Points
5/1 Jumbo Arm Loan - 6.50% + 0 Points
The break point between a conventional versus a jumbo loan amount is currently $417,000. In addition, maximum loan amounts for government loans are designated on a county by county basis.
New HUD County by County Conforming Loan Limits
We have many other home loan programs and interest rates available. We'll provide you with a good faith estimate for any program that fits your needs. Just contact us at Metro Mortgage Company for more information.
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. 3.60%). 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.
Market Economic Update
The 10-Year Treasury Bond is at 3.74%. Treasury yields are down just slightly this morning as traders await the week's economic news. The 30-Year Mortgage averaged 5.91% last week. For more information on interest rate trends, visit www.MBAA.org.
FED FUNDS RATE: 2.00%
DISCOUNT RATE: 2.25%
4/30/08: FOMC Federal Funds and Discount Rates Both Lowered by 25 Basis Points
Mortgage Industry News
In recent Mortgage Industry news:
- Government and Lending Industry Reach Final Agreement on New Mortgage Rate Freeze Plan...read more
- FHA Secure Mortgage Refinance Program...read more
- Important new proposed changes to the mortgage lending industry guidelines...read more
- The Mortgage Bankers Association of America reported that its application index rose by 15.6% last week. The purchase index rose by 12.1% and the refinance index rose by 19.3%. Refinances accounted for 47.1% of application activity and adjustable rate mortgage applications constituted only 6.8% of the total applications. The index for government loans (FHA/VA) rose by 13.2% and the conventionl loan index rose by 11.7%.
- President Bush 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 2008 (currently $417K). Each year, the amount may rise or fall depending on government guidelines for changes in home values.
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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