By Mary Damiano
Mortgage rates nationwide dropped this week to their lowest point since January, according to mortgage giant Freddie Mac, indicating that buying South Florida homes might just be the best holiday gift, giving the term “home for the holidays” new meaning.
This was the third straight week of declines. Rates on 30-year mortgages peaked in July but have been declining in the months since.
The current rate on a 30-year, fixed rate mortgage averages 6.14 percent. That’s very close to the lowest level this year, which stood at 6.12 percent during the week of January 26. Experts at Freddie Mac have reported the rate of mortgage applications in November to be “healthy.”
The low mortgage rates, combined with motivated sellers, means that this is a good time to purchase homes in South Florida.
Many buyers have already taken advantage of low mortgage rates. Sales of existing homes in Broward County showed a 5 percent increase in October over sales for October of 2005.
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