Mortgage Rates in Fort Lauderdale FL for October 2014

Mortgage Rates in Fort Lauderdale FL for October 2014

Mortgage Rate data for Fort Lauderdale, FL provided by Matthew Consolo of RE/MAX Consultants Realty 1 Real Estate Company.



Mortgage Rates - October 2014

The average 30-year loan rate has dropped to 3.92% in October. This is the lowest it has been since June of 2013. Interestingly enough lenders believed that the rates would start getting closer to the 6% mark since the economy has taken a slight turn for the better. That is not the case as you can see the rates are back where they were a year ago. This is causing more home owners to refinance their original 30 year mortgages. With the interest rates at very favorable marks it is sparking more interest for first time home buyers. Lenders are still strict as ever with who they hand loans out to but since the rates are staying so low first time home buyers want to get approved while the rates are in favor of the borrower.


Stats to Keep an Eye On

Seeking safety, investors poured money into U.S. Treasury's. Higher demand drives up prices for those government bonds and causes their yields to drop. The yield on the 10-year note traded as low as 1.91 percent last Wednesday.

This week the yield on the benchmark Treasury note recovered to 2.22 percent Wednesday. It traded at 2.26 percent Thursday morning.

To calculate average mortgage rates, Freddie Mac surveys lenders across the country between Monday and Wednesday each week. The average doesn't include extra fees, known as points, which most borrowers must pay to get the lowest rates. One point equals 1 percent of the loan amount.

The average fee for a 30-year mortgage was unchanged from last week at 0.5 point. The fee for a 15-year mortgage also remained at 0.5 point.

The average rate on a five-year adjustable-rate mortgage slipped to 2.91 percent from 2.92 percent. The fee was steady at 0.5 point.

For a one-year ARM, the average rate rose to 2.41 percent from 2.38 percent. The fee held at 0.4 point.

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Source: http://www.mortgagenewsdaily.com/mortgage_rates/

Source: http://www.floridarealtors.org/NewsAndEvents/article.cfm?p=1&id=315132