Well if you have been following the mortgage market the past few days; you would have thought you were on a roller coaster.  What an interest rate ride it has been too.  No one seems to have a hand on this insane US mortgage market. 

On Tuesday the 30 year fixed rate in Florida went from 5.625% with no discount points and no origination fees; to 5.25%.  Yet this morning, that same mortgage interest rate climbed back up to 5.75% and may go even higher tomorrow.  The Federal Reserve will announce their opinion as to the condition of our economy and may even lower the Fed Funds rate again.  Speculating on what they will say regarding the near future US economy is useless.  We are going to have to wait and see. 

Florida interest rates are still relatively low.  But it’s not the rate that bothers me most.  It’s the availability of actually qualifying a first time buyeror Florida homeowner with today’s stringent mortgage underwriting guidelines.  For now, we’ll hang in there and keep you posted.

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