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South Florida Mortgage Rates Looking Up!

Fri Mar 27, 2009 by on Florida Law News

While I have been so busy in court defending foreclosures I hardly took notice that our staff at Weston Title have been getting busy! We have now more South Florida real estate closings in the office than we have had in at least 6 months!

In fact, the Wall Street Journal reported that 18 percent of all U.S. households will refinance in 2009. That is a whopping 72 percent increase from last year or almost $2 trillion! Interest on these loans will average about 4.7 percent – rates I have not seen in my entire career nor has anyone since the 1950s!

So let our homeowner self-bailout begin! I always said it would be South Florida’s new home buyers and the folks who had maintained good credit that would lead us back to normalcy. But, don’t kid yourself… without the stimulus package the lenders would still be on life support. Now at least we are all seeing and feeling less of a chill as the spring thaw begins. So start shopping around for what will likely be the best mortgage deal you will likely see in your lifetime!

Interested in buying or selling a home in South Florida? Take advantage of these low South Florida mortgage rates and contact us at Weston Title for more information.

Tags: South Florida Home Buyers, south florida real estate, Wall Street Journal, Weston Title

3 responses to “South Florida Mortgage Rates Looking Up!”

  1. Ariel Segall says:

    Interesting comment ” … without the stimulus package the lenders would still be on life support”

    Then question would be – How much oxygen do we have ?

    Certainly, the markets reacted as expected and the rate on a 30-year fixed-rate mortgage for credit-worthy borrowers fell to about 4.75%. However, other two interesting reactions took place as well. Wall Street soared after the Fed showed it isn’t yet out of ammunition to fight the recession, but the value of the dollar sank, a emphasized the reminder of the risk the Fed is running by printing money to give the economy another push.

    Apparently, FED still counts on the foreign appetite but the overseas markets have subliminally stated to the FED all about inflation risks further down the road.

    The Fed is living up to its commitment to do everything in its power to deal with the crisis ( in my opinion better than doing nothing ), but when the crisis is over, a new concern called Inflation will show up.

    If you got this far reading my article, then you should be asking yourself “ SO !!! what do I do now to protect my wealth “ .

    The answer is very simple, and it has always been the same answer. REAL ESTATE has been, is and will be the best investment that in the long term to keep the value of your new worth.

    As we might experience an unacknowledged deflation about to end, we will be able to purchase real estate at the lowest prices of this decade with the historical lowest interest rates that will certainly be missed for a good time when inflation will hit.

    What are you waiting for …. Sales and Close Outs are no longer only at the Malls.

  2. One man’s lost home or miserably failed investment is another man’s whatever, I guess. I don’t know, though. Something’s really fishy about how this whole thing’s playing out. These bankers don’t shoot themselves in the foot accidentally. But if the attitude continues to be dog-eat-dog, I guess we haven’t really learned anything from this whole mess, or have we?

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