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Mortgage rates in Florida are back on the rollercoaster. Another day in this mysterious nonsensical stock and bond market. Stocks are higher while the bonds are giving back most of the gains from yesterday. Just when we thought that we might start seeing lower mortgage rates, we have already seen lenders increase the mortgage rate pricing compared to yesterday’s improvements.
This volatility in the mortgage market has assisted in the increase of mortgage rates and reduced the number of purchase/refinance transactions. In addition, it is significantly affecting struggling credit-worthy homeowners that are trying to reduce their mortgage payments. The almost 1% increase in rates from few months ago ends up costing the average first time home buyer an additional $115 dollars per month in Florida.
August 28, 2013 our updated mortgage rates in Florida are:
- 30 Year Fixed Rate Mortgage – 4.25% (4.381% APR)
- 15 Year Fixed Rate Mortgage – 3.25% (3.569% APR)
Check back tomorrow to get the newest rate updates!