Welcome to this weeks snapshot of Central Florida Mortgage Rates! Now has never been a better time to invest your hard earned money into something that will continue to reward you, especially with ownership!
Source: Bankrate.com
BREAKING DOWN ‘Mortgage Rate’
The mortgage rate is a primary consideration for homebuyers looking to finance a new home purchase with a mortgage loan. Other factors also involved include collateral, principal, interest, taxes and insurance. The collateral on a mortgage is the house itself, and the principal is the initial amount for the loan. Taxes and insurance vary according to the location of the home and are usually an estimated figure until the time of purchase.
Source: Investopedia.com
Your mortgage rate is determined by the lender and can be either fixed, staying the same for the term of the mortgage, or variable, fluctuating with a benchmark interest rate. A mortgage rate may vary for borrowers based on their credit profile. Here is a snap shot of the daily mortgages rates as of today, Monday, September 10, 2018. While the rates shown are not guaranteed for everyone, this gives the average buyer a good idea of what their rate should look like. We always recommend you speak with your local realtor to find the best loan program for you Orlando Home purchase. Take advantage of these mortgage rates now before it changes, contact us today!
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There are some people who have not purchased homes because they are uncomfortable taking on the obligation of a mortgage. Everyone should realize, however, that unless you are living with your parents rent-free, you are paying a mortgage – either yours or your landlord’s.
As Entrepreneur Magazine, a premier source for small business, explained in their article, “12 Practical Steps to Getting Rich”:
“While renting on a temporary basis isn’t terrible, you should most certainly own the roof over your head if you’re serious about your finances. It won’t make you rich overnight, but by renting, you’re paying someone else’s mortgage. In effect, you’re making someone else rich.”
With home prices rising, many renters are concerned about their house-buying power. Mark Fleming, Chief Economist at First American, explained:
“Over the last three years, renter house-buying power has increased fast enough to keep pace with house price appreciation, so the share of homes that a renter can afford to buy has remained the same since 2015.
Although mortgage rates are expected to rise, they are still low by historic standards, and real household incomes are the highest they have ever been. Assuming this trend continues, our measure of affordability, which takes into account income, interest rates, and house prices, indicates that homeownership is still within reach for renters.”
As an owner, your mortgage payment is a form of ‘forced savings’ which allows you to build equity in your home that you can tap into later in life. As a renter, you guarantee the landlord is the person building that equity.
Interest rates are still at historic lows, making it one of the best times to secure a mortgage and make a move into your dream home. Freddie Mac’s latest report shows that rates across the country were at 4.51% last week.
Fla.’s home sales, new listings, median prices up in July
ORLANDO, Fla. – Aug. 22, 2018 – Florida’s housing market reported more sales, rising median prices and more new listingsin July compared to a year ago, though for-sale inventory remains constrained in many markets, according to the latest housing data released by Florida Realtors®. Sales of single-family homes statewide totaled 25,488 last month, up 3.8 percent compared to July 2017.
“In a positive sign for Florida’s housing market and potential buyers, we saw a modest increase in new listings in July,” says 2018 Florida Realtors President Christine Hansen, broker-owner with Century 21 Hansen Realty in Fort Lauderdale. “New listings for existing single-family homes rose 3.1 percent compared to a year ago and new listings for condo-townhouse properties increased 2 percent from last July. Meanwhile, home sellers received more of their original asking price at the closing table. Sellers of existing single-family homes received 96.7 percent (median percentage) of their original listing price, while those selling condo-townhouse properties received 95.3 percent (median percentage).”
July was the 79th month in a row that the statewide median sales prices for both single-family homes and condo-townhouse properties rose year-over-year. The statewide median sales price for single-family existing homes was $255,000, up 6.3 percent from the previous year, according to data from Florida Realtors Research Department in partnership with local Realtor boards/associations. The statewide median price for condo-townhouse units in July was $180,000, up 5.3 percent over the year-ago figure. The median is the midpoint; half the homes sold for more, half for less.
According to the National Association of Realtors® (NAR), the national median sales price for existing single-family homesin June 2018 was $279,300, up 5.2 percent from the previous year; the national median existing condo price was $258,100. In California, the statewide median sales price for single-family existing homes in June was $602,760; in Massachusetts, it was $430,000; in Maryland, it was $313,254; and in New York, it was $280,000.
Looking at Florida’s condo-townhouse market, statewide closed sales totaled 10,032 last month, up 8.5 percent compared to a year ago. Closed sales data reflected dwindling short sales and foreclosures in July: Short sales for condo-townhouse properties dropped 33 percent and foreclosures fell 26.5 percent year-to-year; while short sales for single-family homes declined 41.6 percent and foreclosures fell 38.3 percent year-to-year. Closed sales may occur from 30- to 90-plus days after sales contracts are written.
“We are continuing to see signs that the low-inventory situation impacting the single-family home market has finally stopped getting worse, though it remains constrained,” says Florida Realtors Chief Economist Dr. Brad O’Connor. “As of the end of July, there were 3.9-months’ supply of single-family inventory in Florida, marking the third straight month where there was no year-over-year change in this metric. We’re still squarely in seller’s market territory, though, and we’re going to need new single-family construction to ramp up even more.
“Half of Florida’s 4.3 million millennials are now in their thirties, and while their employment opportunities have improved drastically in recent years, the state’s housing shortage is locking them out of their best opportunity to build lasting wealth during their prime working years. In the short run, their best bet may be to consider ownership of a multifamily unit like a condo or townhouse, where inventory levels are not nearly as tight in most areas around the state. Statewide, there’s currently a 5.3-months’ supply in the condo-townhouse category, indicating a much more balanced market than what we have with single-family homes.”
According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 4.53 percent in July 2018, up from the 3.97 percent averaged during the same month a year earlier.
To see the full statewide housing activity reports, go to Florida Realtors Research & Statistics section on floridarealtors.org. Realtors also have access to local market stats (password protected) on Florida Realtors website.
Welcome to this weeks snapshot of Orlando’s Mortgage Rate! Take a look at mortgage rates that are steadily increasing. Now has never been a better time to invest your hard earned money into something that will continue to reward you, especially with ownership!
Mortgage rates are determined by the lender and can be either fixed, staying the same for the term of the mortgage, or variable, fluctuating with a benchmark interest rate. Mortgage rates vary for borrowers based on their credit profile. Here is a snap shot of the daily mortgages rates as of today, Tuesday August 21, 2018. While the rates shown are not guaranteed for everyone, this gives the average buyer a good idea of what their rate should look like. We always recommend you speak with your local realtor to find the best loan program for you Orlando Home purchase. Take advantage of these mortgage rates now before it changes, contact us today!
