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Miami Home Mortgage Loan Rates
Miami home mortgage loan rates have dropped again for VA, FHA and conforming refinance loans in Florida. Nationwide mortgage banker offers fixed and variable rate home equity lines of credit for Florida homeowners with all types of credit.
Climbing interest hit the Miami housing market. Average home prices dropped more than $5,000 from $497,000 to $491,257 during the first quarter. Those home sales figures are reported from the Miami Association of Realtors. Average home prices rose steadily from the first to second quarter and peaked in May at $510,305. The end of the second quarter brought falling home prices. Sales prices dipped to a low of $472,454 in August.
The prime interest rate has risen almost one point since January, then leveling off at 8.25% for three months in a row. Since then, home prices have plunged. However, Florida mortgage lenders did report a minor drop in VA mortgage rates and the volume for home equity loan applications increased slightly for this period. In 2007 and 2008 the Federal Reserve has reverted back to the era of interest rate cuts and many mortgage professionals are reporting lower mortgage rates resulting.
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FHA Refinance Loans Offer Fixed Rates
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Many Miami homeowners have suffered financial set backs because they have adjustable rate mortgage loans that have experienced increasing payments.
Unfortunately many homeowners do not qualify for conventional refinancing because guidelines have tightened and property values have deflated.
FHA home loans provide competitive 30-year fixed interest rate terms. FHA loans are offered up to 97% rate and term or 95% for refinancing terms with cash out or debt consolidation.
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FHA home loans offer low fixed mortgage rates |
"The Miami market is currently great for the sellers, however it is not as strong as it has been before," says realtor Mario Tome. "Since the sellers market has declined somewhat, this in turn favors the buyers due to the fact that there will be more options for them. In the near future for the Miami market will level out and it will become more stable."
Housing sales rose slightly toward the end of the second quarter hitting a high of 2100 homes sold. But the rising interest rates have pulled those figures down to 1699 for the month of August. Reports from the trenches in Miami look promising. One realtor says the average time for a house to be on the market is around 5 weeks!
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| According to the Federal Reserve, Americans carry around $5,800 in credit card debt from month to month. Making the minimum monthly payment on that debt would take 30 years to pay off, and include an additional $15,000 in interest. According to the Administrative Office of the Courts, 2,078,415 bankruptcies were filed in 2005--the largest number of bankruptcy petitions in the history of the federal courts. |
Refinancing with a fixed interest rate home equity loan may be somewhat more costly initially because of closing costs and pre-payment penalties.
Nevertheless refinancing debt with your first mortgage or taking out a new second mortgage at a fixed rate of interest may be the best way to consolidate their debts.
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| If you save a few hundred dollars a month and eliminate revolving credit cards, then who cares what about the interest rate. Once your score goes up, you can refinance this non-prime home equity loan for a reduced rate second mortgage and save even more a month. |
Time may be running out for thousands of homeowners in Southern California. A few years ago when housing prices shot through the roof an estimated 50% to 70% percent of all home purchases used hybrid loans such as negative amortization and interest only loans. |
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