Florida Mortgage Interest Rates
Interest Rate Quotes
The following interest rates are available 7/03/2009 for the selected Florida home loan programs and are offered by Metro Mortgage Company of SW Florida, Inc.
Rate Alert: The market has become extremely volatile. Rates are changing two and three times a day. 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 - 5.125% + 1 Point
FHA/VA 30 Year Loan - 5.25% + 1 Point
15 Year Fixed Loan - 4.625% + 1 Point
5/1 Conventional Arm Loan - 4.00% + 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 3.50%. The market is closed for the 4th of July holiday.
The 30-Year Mortgage averaged 5.34% 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%
6/24/2009: FOMC Federal Funds and Discount Rates Both Left Unchanged.
Mortgage Industry News
In recent Mortgage Industry news:
- Feds Trying Another Mortgage Assistance Plan
- Florida Ranked 3rd Highest State for Loan Closing Costs
- VA No Down Payment Loan Limits Increased
- The Mortgage Bankers Association of America reported that its overall application index fell by 18.9% last week. The purchase index fell by 4.5% and the refinance index fell by 30%. Refinances accounted for 46.4% of application activity and adjustable rate mortgage applications constituted 4.3% 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
Britain's mortgage payback boom is continuing as homeowners repay a record amount of their property debt, new figures show.
U.S. mortgage rates dropped in the latest week, a move that bodes well for the hard-hit U.S. housing market, which has been showing signs of a recovery.
Change in Contract Rate (bps) Effective Total Contract 1 Week 4 Weeks 1 Year Rate Points Rate Ago Ago Ago 30-Year Fixed 5.56 1.12 5.34 -10 9 -99 15-Year Fixed 5.07 1.04 4.81 -12 1 -109 ARM, 1-Yr Tsy 6.55 0.13 6.52 -2 -9 -40 FHA 203 (b)...
To help consumers find the lowest mortgage rates in their area, Shoprate.com has developed a new mortgage interest rate table. This feature allows consumers to select the state, loan type and loan amount in which they are interested, and...