Interest Rates Are Climbing Rapidly in Central Florida
Freddie Mac Average Rates:
As of:
June 11th | 30 yr Fixed | 15 yr Fixed | 5/1 ARM | 1 yr ARM |
Average Rate: | 5.59% | 5.06% | 5.17% | 5.04% |
Average Points: | 0.7 | 0.7 | 0.6 | 0.7 |
Previous Week's Rates |
Average Rate: | 5.29% | 4.79% | 4.85% | 4.81% |
Average Points: | 0.7 | 0.7 | 0.6 | 0.6 |
Over the past few weeks interest rates have climbed from 4.75% to 5.75% and currently sits at about 5.35%.
The method to the madness is nuttie – however a simple explanation can be found in the stock market. Interest rates are determined on the yield spread found in Mortgage backed Securities and the Bond Market. Unfortunately speculators on Wall Street are moving money in and out driving interest rates higher and higher.
Lee Rosa is a Realtor living and working in Downtown Orlando, Florida and represents buyers and sellers there. Read more about selling your home in Central Florida. Call or email to set up a viewing of hot deals, or any other home in Central Florida.