Buyers and sellers of residential real estate in Broward County will be interested to hear that, for the sixth week in a row, the mortgage loan interest rate averaged less than 4 percent. According to Freddie Mac, the average 30-year fixed-rate loan fell to an all-time low, at 3.89 percent, while the average 15-year rate dropped to 3.16 percent. The result? What you'd expect. More South Floridians have been applying for mortgages to take advantage of low interest rates. However, according to loan officers, personal debt, unemployment and the uncertainty of the current housing market are likely preventing many people from even applying for a mortgage.
A loan officer from Hamilton Group Funding of Cooper City said that people in South Florida are buying residential real estate but not at the pace one might expect, considering the record-low interest rates. The same officer said that he had seen a 10 percent increase in business in the last six months, but he suspects people are still holding out for when the housing market causes what is expected to be a rock-bottom interest rate for mortgage loans.
Echoing the Hamilton officer's statements, the vice president of First Southeastern Mortgage in Hollywood said that his loan officers are currently working with six to eight clients per week, whereas this past summer, the officers were only seeing one application a week.
For those Floridians who are currently trying to sell or buy a property, consulting with an experienced professional who focuses on real estate law may be a much-needed step toward closing a deal. Such an attorney can help work toward an equitable and convenient transaction for all parties involved.
Source: sun-sentinel.com, "More S. Floridians applying for record low mortgage rates -- if they can," Donna Gehrke-White, Jan. 12, 2012