Fort Lauderdale Real Estate Mortgage Report & Mortgage Rate Update for the Week Of June 9, 2008
June 11, 2008
Here is the Fort Lauderdale Real Estate Market Mortgage Report for the week of June 9, 2008. There is a lot going on in the finance world. Our economy is in a state of flux.
When you are looking to by your Fort Lauderdale real estate home or condo you are going to want to get the best mortgage rates that you can find. In addition to getting the best rates, you are going to want to work with a mortgage company that can actually get the deal closed.
While you are searching for your Fort Lauderdale real estate home or condo it will be much easier if you know in advance that you are approved for a mortgage and you know that you can buy the home you desire.
I work with America’s #1 Mortgage Broker and I can assure you that Brian Brady will get you the best mortgage possible when you are ready to buy your Fort Lauderdale real estate home or condo.
Here’s what Brian has to say this week regarding the mortgage market here in the Fort Lauderdale real estate area:
Fort Lauderdale Real Estate Mortgage Report & Mortgage Rate Update
Ft. Lauderdale mortgage rates are behaving exactly as I expected they would when I reissued my lock recommendation on May 29, 2008. What then for June, 2008 mortgage rates?
Expect more volatility. The Fed’s in a weird spot. The economy is tanking under the pressure of high gas prices and the real estate recession. The tax rebates are mailed and that money’s been spent. Gasoline is at $4.00/gallon. Food costs are spiraling from the dumb ethanol energy policy. Ben Bernanke doesn’t know if he should be fighting inflation on Monday or preventing a depression on Tuesday. His mixed signals are being perceived as a potential rate hike which has kept Ft. Lauderdale mortgage rates above 6% these past two weeks.
A thirty-year fixed rate loan is at 6.375% now. The 5/1 ARM I loved so much at 5.375% has risen to 5.5%. I’m not certain that we’ll see those rates come down this month. If you have a June or early July closing, lock your mortgage rate now. I do, however see the weak economy outweighing the inflationary fear. The Saudis are attempting to increase production which leads me to believe that they think the bull market in oil is over. If you have a closing in July, or are considering a refinance, I think you can float your rate until mortgage rates drop below 6%.
If you’re thinking of refinancing, it makes complete sense to start the process now by applying for a home loan. I expect credit guidelines to tighten throughout the summer. While I think you can hold off on your mortgage rate lock, you should get the documentation in so that the loan can be underwritten in June. Loan approvals are usually good for 60 days so you can lock and close when rates come back down.
In summary: Lock all loans closing within 30 days, float the rest.
PS: This could change daily. Market volatility is such that I could move to an “all float” recommendation if the reaction to the Saudis summit is positive. If oil gets down below $120/barrel, The Fed won’t worry so much about inflation. As always, keep checking back or subscribe to my RSS feed.
If you want to lock in on a mortgage for the Fort Lauderdale real estate home or condo that you are buying, then now is the time to do so. The bond traders won’t be merciful next week unless recessionary data is overwhelming. Jump on these low rates now.
Here some other posts you may find interesting...
Fort Lauderdale Real Estate
Fort Lauderdale Homes And Condos For Sale
If you are interested in learning more about buying a home or condo in Fort Lauderdale or anywhere in South Florida; or if you need any information about the Fort Lauderdale real estate market, please feel free to contact me and it would be my pleasure to assist you.You can contact me at the number shown below or please feel free to contact me by the form below and I, or one of my assistants, will be sure to get right back to you within a few hours, if not sooner.
If you are inquiring about a specific property shown on this site, please include the address of the property in the comment section of the contact form below.
Bank Owned Properties In Fort Lauderdale
Foreclosures In Fort Lauderdale
Homes Fort Lauderdale
cforms contact form by delicious:days
Robin Sing-Cunningham
robins@robinashley.com
Access USA Realty
Local Fort Lauderdale | South Florida : 954-709-7461
My Assistants:
Barry Johnson: bjohnson@robinashley.com
