Florida Refinance Mortgage Rates Are
Rising - 30 Year Fixed Rate Loans May Go Up - Convert Adjustable Rate
Mortgages (ARMs)
April 18th 2006
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Florida Real
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With Florida home mortgage rates rising now is the time to refinance.
Refinancing now turns home equity into cash to pay off credit cards or
car loans.
Even if the mortgage rate is a little higher than expected,
opportunities exist to “buy down” an interest rate. This is a process
where you pay extra points to the lender to get a better interest rate.
It costs more at the beginning of the loan but greater savings are made
over the mortgage term.
Mortgage rates are ever changing and there are many factors that
determine Florida refinance mortgage rates. The Fed, economic
indicators, international crisis and the labor market are just some of
the main components that push mortgage interest rates up or down.
Long-term Treasury yields, like the 10 year note, are the central focus
for fixed rate mortgages.
A nationwide survey of lending institutions on April 5, 2006 showed:
Fixed rate mortgages for a 30 year loan were up to 6.25%. Last week,
this same fixed rate mortgage was at 6.125%. Last year this same 30 year
Florida fixed rate mortgage was 5.75%. These fixed rate mortgages are
usually for “A” borrowers (borrowers who have good FICO scores, good job
stability and low debt to income ratios). Fixed rate mortgages for a 15
year loan followed similar patterns. 5.875% this week, 5.75% last week
and a big increase from 5.375% last year.
Adjustable Rate Mortgages (ARM) are rising due to rate hikes by the Fed.
An average 5/1 ARM is up to 5.75% this week up from 5.625% last week.
The popular but very volatile one year ARM had a big jump to 5.625% from
4.875% a week ago. Florida Adjustable Rate Mortgages will probably keep
rising because of the Federal Reserve's (the Fed) continuing trend to
raise the Fed rate. Wall Street expects the trend to continue because
the Fed will probably raise rates again at their meeting on May 10th.
The good news is that if you are thinking of a Florida refinance
mortgage, now is the time to contact a lender and start the loan
process. The longer you delay, the more you will pay. Also, if you are
having difficulty qualifying for a loan, the higher Florida refinance
mortgage rate will raise the monthly payment which could disqualify you
from the loan!! For more information please
call 866 398 4664 or go to
http://www.FreeFinancialConsulting.com
By Keith Hunt
Free financial consulting in all areas of personal money matters
including home loans and insurance. For more information please
call 866 398 4664 or go to
http://www.FreeFinancialConsulting.com
Contact Keith
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