Dramatic Drop in Mortgage Rates

By Angel Centeno | Google+ | October 23, 2014


Florida, and the United States, has seen a downward trend on usually high-priced items.  For the first time, in a long time, gas prices have dropped below $3.00/gallon.  Another downward trend we have noticed are mortgage rates.  One month ago from today, mortgage rates were at a fixed, 30 year rate of 4.21%. Today, the rate is at 3.97%.  A fraction of a percentage can change your monthly payments dramatically.

The 15 year, fixed mortgage rate also dropped from a month ago.  November 23, 2014 had a national average of 3.24%.  That rate today is at 3.07%.  What does this mean about the market?

Some say that this is due to the upcoming elections, which is only speculation. Others bring up the supply and demand model.  Either way, this makes it a great time to buy.  Homes for sale in Orlando are priced incredibly low and having low mortgage rates only makes the deal sweeter.

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Source: www.mlcalc.com