Florida homeowners considering to refinance their current mortgage should act now.  Fixed mortgage interest rates improved late last week as we near the next FOMC, Federal Open Market Committee, meeting set for March 18th. 

Expectations are the Feds will encourage banks to lend in the mortgage markets by reducing their key interest rates, the Fed Funds Rate and or the Discount Rate.  These are interest rates that banks pay, not consumers.  Traditionally when the Feds lower banking rates, banks and other lending institutions in return lower, for example, their fixed mortgage rates. 

The problem lately is when the Feds lower bank rates, banks are not passing any savings on fixed mortgage rates to the consumer.  In fact, fixed Florida mortgage rates are higher now than they were when the Feds lowered the Fed Funds and Discount Rates by 1.25% a few weeks ago. 

So the bad news is rates are not down where the Feds want them.  Yet the good news is the same.  Rates are not where they should be.  So any waking moment or event could inspire banks to reduce their fixed rates and help consumers seeking to refinance or even purchase their new home.  And there are great deals out there for new home purchases in Florida.

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