Well, the Federal Reserve announcement of a Fed Funds rate drop of .25%; to a new 4.25% didn’t run well the Wall Street investors.  In fact, we saw Florida mortgage rates slightly increase.  I expect many in the financial markets were hoping for a larger drop or better news on future interest rate improvements.

One thing is for sure, however.  Fannie Mae and Freddie Mac have placed more restrictions on available mortgage programs.  They have even announced new additional pricing scenarios for less than perfect credit buyers.  Construction to Permanent mortgage programs have been discontinued by 2 more Florida wholesale lenders as less liquidity and fears of a recession deepen.

If you are not sure you can qualify for a new Florida home mortgage; please call or email your Florida Mortgage Professional for guidance.

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