Florida Mortgage Interest Rates
Interest Rate Quotes
The following interest rates are available 02/08/2010 for the selected Florida home loan programs currently being offered by Metro Mortgage Company of SW Florida, Inc.
The following are examples of rates available at today's market opening only. You Must Call to Obtain Actual Rate Quotes: 888-617-3674.
30 Year Conventional Loan - 4.99% + 1 Point (APR - 5.157%*)
FHA/VA 30 Year Loan - 5.00% + 1 Point (APR - 5.157%*)
15 Year Fixed Loan - 4.375% + 1 Point (APR - 4.642%*)
5/1 Arm 3.75% + 1 Point (APR - 3.448%*)
All Rate Quotes Subject to Loan Amount, Minimum FICO Scores, LTV Ratio Adjustments
Lock Days and Program Availability. Rates May Change Without Notice.
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.
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.
*APR based on $125,000 loan amount with 20% down payment (80% LTV) and a 30-45 Day Lock Period.
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 3.58%.Treasury yields are up nicely to start the week's trading. Traders and investors seem to have liked the mixed employment report numbers on Friday and are positioning themselves ahead of the upcoming treasury auctions. Stocks are up at the open and mortgage backed securities remain mixed. Interest rates have adjusted accordingly.
The 30-Year Mortgage averaged 5.01% 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%
01/27/2009: FOMC Federal Funds and Discount Rates Both Left Unchanged.
Mortgage Industry News
In recent Mortgage Industry news:
- 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
- Big Changes Coming For FHA Program Including Adopting HVCC
- Florida Moves Up in Home Loan Closing Cost Survey
- The Mortgage Bankers Association of America reported that its overall application index rose 21% last week. The purchase index rose by 17.5% and the refinance index increased by 26.3%. Refinances accounted for 69.2% of application activity and adjustable rate mortgage applications accounted for 4.5% 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.
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
Bullard: Fed Should Sell Mortgage Holdings Before Hiking Rates
A member of the Federal Reserve’s policy-setting body suggested Monday that the central bank could keep short-term interest rates low until 2012 to encourage economic growth, but that it also could use some of its newer monetary tools to...
A member of the Federal Reserve’s policy-setting body suggested Monday that the central bank could keep short-term interest rates low until 2012 to encourage economic growth, but that it also could...
Home Finance of America will now offer lower interest rates for conventional mortgages at below market rates. (PRWeb Feb 8, 2010) Read the full story at http://www.prweb.com/releases/2010/02/prweb3473244.htm
