Orlando Real Estate - CENTURY 21 Solutions Realty

Orlando Real Estate News

Mortgage rates across the board fell this week, a welcoming sign to potential buyers and home owners looking to refinance.

The 30-year fixed-rate mortgage averaged 5.04 percent this week, a drop from last week’s 5.16 percent. Last year at this time, the 30-year rate averaged 6.04 percent, Freddie Mac reports.

Freddie Mac reported the following for other rates for the week:

• 15-year mortgage rates: averaged 4.68 percent, down from last week’s 4.81 percent. Last year at this time: 5.64 percent.
• 5-year hybrid adjustable-rate mortgages: averaged 5.04 percent this week, a drop from last week’s 5.23 percent. Last year at this time: 5.37 percent
• 1-year ARMs: averaged 4.8 percent, down from last week’s 4.94 percent. Last year at this time: 4.98 percent

“Mortgage rates followed bond yields lower this week as recent economic reports suggest the economy is still slowing, which reduces the future threat of inflation,” says Frank Nothaft, Freddie Mac’s chief economist.

Source: Freddie Mac(02/19/09)

Mortgage Information

Orlando Real Estate

Interest rates that rose from their record lows the previous week slowed mortgage applications last week.

The Mortgage Bankers Association weekly mortgage applications survey declined 9.8 percent on a seasonally adjusted basis to 1,195.3 last week from 1,324.8 the previous week.

On an unadjusted basis, the index decreased 10.3 percent compared with the previous week and was down 23.1 compared to the same week a year ago.

Most of the business is still in refinances, but the refinance share of applications decreased to 83.3 percent of the total from 85.3 percent the previous week.

Interest rates were generally up:

• 30-year fixed-rate mortgages increased to 5.24 percent from 4.89 percent
• 15-year fixed-rate mortgages increased to 4.99 percent from 4.63 percent
• 1-year ARMs remained unchanged at 5.89 percent

Source: Mortgage Bankers Association (01/22/2009)

Mortgage rates dropped to their 11^th straight weekly decline, reaching new record lows, according to Freddie Mac.
Interest rates on 30-year, fixed rate mortgages averaged 4.96 percent this week, down from a previous week’s 5.01 percent.