Florida Mortgage Interest Rates
Interest Rate Quotes
The following interest rates are available 11/06/2009 for the selected Florida home loan programs and are offered by Metro Mortgage Company of SW Florida, Inc.
Please call to obtain actual rate quotes - 888-617-3674. The following are examples of rates available at today's market opening only.
30 Year Conventional Loan - 4.75% + 1 Point
FHA/VA 30 Year Loan - 4.875% + 1 Point
15 Year Fixed Loan - 4.25% + 1 Point
5/1 Arm 3.50% + 1 Point
Jumbo 5/1 Arm 4.75% + 1 Point
All Rate Quotes Subject to Loan Amount, FICO Scores, LTV Ratio Adjustments and Program Availability
and May Change Without Notice. You Must Call to Confirm Rate Examples: 888-617-3674.
Mortgage Calculator
The break point between a Conventional loan 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 FHA and HUD County Conforming Loan Limits for 2009
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. 3.75%). 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 3.49%. Treasury yields are down this morning as traders and investors responded positively to the poor employment report. Stocks are down at the open and mortgage backed securities remain mixed. Interest rates have adjusted accordingly.
The 30-Year Mortgage averaged 4.97% last week. For more information on interest rate trends, visit www.MBAA.org.
PRIME RATE: 3.25%
FED FUNDS RATE: 0.25%
DISCOUNT RATE: 0.50%
9/23/2009: FOMC Federal Funds and Discount Rates Both Left Unchanged.
Mortgage Industry News
In recent Mortgage Industry news:
- New FHA Rule Regarding Condominium Financing
- Big Changes Coming For FHA Program Including Adopting HVCC
- Florida Moves Up in Home Loan Closing Cost Survey
- New Credit Agency Guidelines to Penalize Borrowers for Loan Modifications
- FHA Mortgage Loans Now Eligible for Payment Reduction Modifications
- Reminder - New Mortgage Disclosure Improvement Act (MDIA) Effective July 30, 2009
- The Mortgage Bankers Association of America reported that its overall application index rose by 8.2% last week. The purchase index rose by 1.8% and the refinance index increased by 14.5%. Refinances accounted for 66.1% 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 2009 (currently $417K). Each year, the amount may rise or fall depending on government guidelines for changes in home values.
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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Real Estate Terms Glossary Index
More Economic News
WA's two most prominent mortgage lenders have followed the lead of the big four banks and raised their loan interest rates.
(RTTNews) - Mortgage applications have risen after three straight weeks of declines, as interest rates on 30-year fixed-rate mortgages have again fallen below the psychological tipping point of five percent.
U.S. mortgage rates fell below 5 percent for the first time in three weeks, a key level that may boost home loan demand and help the hard-hit housing market recover, a closely watched mortgage survey showed Thursday.
The Federal Reserve signaled that it wasn’t close to raising interest rates, saying the economy was still weak.
Change in Contract Rate (bps) Effective Total Contract 1 Week 4 Weeks 1 Year Rate Points Rate Ago Ago Ago 30-Year Fixed 5.17 1.01 4.97 -7 8 -150 15-Year Fixed 4.67 1.33 4.33 -19 1 -181 ARM, 1-Yr Tsy 6.91 0.31 6.83 4 27 -3 FHA 203 (b) 5.50...