Aug 28 2007
Mortgage Rates Improve in Florida
If you are keeping up with the mortgage markets you already know of the expectation we all have regarding the Federal Reserve’s upcoming September 18th meeting.The anticipation of a Fed Funds Rate being slashed by at least 0.25% if not 0.50%; has already improved conventional Florida mortgage loan rates everywhere.
This expectation as usual has allowed many wholesale lenders and banks to reduce their Fannie Mae conventional type mortgage rates. In fact, here in Florida, we can offer 30 year fixed rate mortgages, for qualified borrowers, at 6.375%; with no discount points and no origination fees. I believe these low rates will be made available as long as theFed lowers the Fed Funds Rate by at least 0.25%.  However, if there is no movement, bank rates will increase simply because lenders have positioned themselves on the assumption that rates they trade at will improve. Keep an eye on September 18th.
If you are considering refinancing in Florida or purchasing your first home; don’t hesitate to call your trusted Mortgage Professional for answers and direction.