The Federal Home Loan Mortgage Corporation has some good news for all real estate buyers. Results from a new survey conducted by the Virginia-based government-sponsored enterprise, point towards a slight dip in the mortgage rates across all of America.
The spring buying season has commenced and decreased mortgage rates may be just the extra push that home buyers need to kick-start their spring purchases. The average rate of interest on a standard 30-year home loan reached 4.34 percent in the week beginning April 7. Only a week ago, the rates stood at 4.41 percent.
What does this mean for Orlando real estate buyers?
Have you been thinking about purchasing a property in Orlando? It would make good financial sense to get started now. According to top Orlando short sales experts, mortgage rates are decreasing over all sectors. The average rate on standard 15-year fixed loans also dipped from 3.47 percent to 3.38 percent, the same week. These dips, though not enormous, are substantial nevertheless and present a good opportunity to make a residential real estate investment.
Fixed mortgage rates are not the only dipping bunch. Hybrid ARMs (adjustable rate mortgage) also spiraled downwards slightly when compared to their rates a week ago. The rate for single-year ARM reduced from 2.45 percent to 2.41 percent. Five-year ARMs followed the trend, slipping from 3.12 percent to 3.09 percent in the same week.
With the industry heavily divided in its mortgage predictions for subsequent weeks, many realtors are encouraging prospects to gear up on their residential property plans. Real estate agents in Orlando have numerous listings on their hands, owing to the wide selection of residential complexes being constructed in the metropolitan area. Luxury apartments typically find buyers fast and disappear of the hands of listers in a shorter span of time.
What could the future look like?
The Mortgage Rate Trend Index saw 38 percent analysts predict a steady decline in the rate of fixed and adjustable rate mortgages over the next week. Another 38 percent predicted steady rates over the next few weeks. A total of 24 percent participating analysts predicted the rates to rise in the next week. Realtors in Hunters Creek speak of the high spring buying trend in the metropolitan area – something they have been witnessing for years. They expect the spring buying season to be the same, asking potential buyers to make the best of the downward spiraling mortgage rates in the spring buying season.