June 17, 2016
Mortgage rates dropped to the lowest level since May 2013 amid concerns about the global economy and the Federal Reserve's recent decision to keep interest rates from rising. A 15-year mortgage fell to 2.81 percent, and a 30-year fixed-rate mortgage dropped to 3.54 percent. The all-time low for 30-year mortgages was 3.31 percent in November 2012.
Prior to this week, 30-year mortgage rates averaged 3.6 percent nationally. Mortgage rates are influenced by what the Federal Reserve does with interest rates, and many economists believe there is a slight chance that interest rates will be raised in July. However, they also believe mortgage rates will remain relatively low for the remainder of the year, before rising again.
In addition to the low mortgage rates making monthly payments more affordable to home buyers, home prices in South Florida are also down. The current conditions are perfect for buying real estate.
To take advantage of the current market and purchase South Florida real estate, contact Niki Higgins at +1-954-817-2500 or +1-888-242-4422.
Source: Miami Herald
