Central Florida’s Daily Mortgage Rates
Welcome to this weeks snapshot of Central Florida Daily Mortgage Rates! Does your New Year’s Resolution include spending time to invest your hard earned money into something that will continue to reward you, especially with ownership? Well, it should!!
BREAKING DOWN ‘Mortgage Rates’
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.
Each 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 mortgage rates as of today, Tuesday, January 29, 2019. 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 your Orlando Home purchase. Take advantage of these mortgage rates now before it changes, contact us today by clicking on the ‘contact us’ link or by filling out the form above!
Source: Bank Rate
Fla.’s housing market continues positive track in Feb. 2018
ORLANDO, Fla. – March 21, 2018 – Florida’s housing market reported more closed sales, more new listings and higher median prices in February even as for-sale housing inventory remained tight, according to the latest housing data released by Florida Realtors®.
“Florida’s economy continues to grow, with more jobs being created – the state’s unemployment rate was 3.9% in January,” said 2018 Florida Realtors President Christine Hansen, broker-owner with Century 21 Hansen Realty in Fort Lauderdale. “A strong economy is good for Florida’s housing market. Statewide sales increased in both the existing single-family homes and the townhouse-condo sectors in February, yet many local markets are still facing a tight supply of available homes at a time when buyer demand is rising. Those factors are putting pressure on home prices and affordability.
“There is some good news for buyers: In February, new listings for single-family homes rose 6 percent year-over-year, while new townhouse-condo listings increased 6.9 percent.”
Sales of single-family homes statewide totaled 18,620 last month, up 3.3 percent compared to February 2017. Meanwhile, the statewide median sales price for single-family existing homes was $246,500, up 9.6 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 townhouse-condo properties in January was $179,500, up 7.2 percent over the year-ago figure.
February marked 74 months-in-a-row that the statewide median sales prices for both single-family homes and townhouse-condo properties rose year-over-year. 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 homes in January 2018 was $241,700, up 5.7 percent from the previous year; the national median existing condo price was $231,600. In California, the statewide median sales price for single-family existing homes in January was $527,800; in Massachusetts, it was $369,000; in New York, it was $266,000; and in Maryland, it was $264,016.
Looking at Florida’s townhouse-condo market, statewide closed sales totaled 8,457 last month, up 6.4 percent compared to February 2017. Closed sales data reflected fewer short sales and foreclosures last month: Short sales for townhouse-condo properties declined 24.4 percent and foreclosures fell 51.8 percent year-to-year; short sales for single-family homes dropped 43.3 percent and foreclosures fell 51.3 percent year-to-year. Closed sales may occur from 30- to 90-plus days after sales contracts are written.
“The latest figures from Florida Realtors show sales of existing homes rose modestly in February, while sale prices continued to climb at a very brisk pace,” said Florida Realtors®Chief Economist Dr. Brad O’Connor.
February’s for-sale housing inventory remained tight with a 3.9-months’ supply for single-family homes and a 6-months’ supply for townhouse-condo properties, according to Florida Realtors.
According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 4.33 percent in February 2018, up from the 4.17 percent averaged during the same month a year earlier.
To see the full statewide housing inventory activity reports, go to the Florida Realtors Research & Statistics section on floridarealtors.org. Realtors also have access to local market stats (password protected) on Florida Realtors’ website.
© 2018 Florida Realtors®
This is fantastic news for our Orlando Real Estate Market!! If you are looking for your next home purchase in Florida, contact your local Realtor® at Bardell Real Estate agent. We can set up a customized client web page with your criteria to help narrow down your search!