Florida Mortgage Rates and Recent Trends
Orlando, Florida (PRWEB) March 31, 2014 -- Current mortgage rates have been creeping up in the first quarter of 2014. Homebuyers and those looking to refinance their current mortgage may want to expedite their decision making process. Last year around this time the rates jumped up almost 1% higher. This was due to fears of fed tapering, which eventually resulted with the purchase of mortgage-backed securities and treasuries being cut back.
According to Shahram Sondi, principal broker at Florida Home Funding, an Orlando based Mortgage Company, current 30 year fixed mortgage rates for borrowers with a 760+ credit score at 70% loan-to-value when using a low priced mortgage broker are averaging 4.375%/4.416% APR. This is compared to a year ago when they were almost 1% lower. Any further increase in rates will not only hurt the buyers or existing homeowner’s cash flow and savings, but will also affect buyers’ purchasing power. This is due to stricter guidelines in debt-to-income ratios as set forth by the CFPB in the new qualified mortgage guidelines.
Since mortgage rates change daily, it is extremely important for consumers to review the rates of least 3 mortgage companies on the same day. Consumers should always be sure to ask for a good faith estimate and not just settle for a fees worksheet. A good faith estimate is the only thing that guarantees the actual rate and cost associated with it. The mortgage lender or broker is bound to honor this rate for the particular day that it was quoted. The biggest misconception is that the larger banks/lenders offer the lowest mortgage rates. According to Shahram Sondi, “The fact is smaller companies with lower overhead have the ability to undercut the average market rates much easier because they have set their pricing with fewer margins.”
About:
I’m Shahram Sondi, owner and operator of Florida Home Funding, a Florida licensed mortgage broker. As a consumer advocate, I am constantly working to educate consumers on making good financial decisions. I have been serving the Central Florida market with experience and integrity since 2001. I bring you over 12 years of hands-on industry experience overseeing half a billion dollars in mortgage transactions. For more information, call 407-704-8729 or visit http://flhomefunding.com/.
Shahram Sondi, Florida Home Funding, http://flhomefunding.com/, +1 407-704-8729, [email protected]
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