Orlando Mortgage Rates Fall to Lowest Levels in Years
Thirty-year mortgage rates fell last week to 4.92% and the low rates that have persisted for the last month attracted thousands of homeowners hoping to refinance to Zillow Mortgage Marketplace in December and early January.
Requests to refinance normally make up about one-third of all loan requests on Zillow Mortgage Marketplace, but in December they made up 67%. So far in January, they have made up 62%. The total number of requests also increased more than 150% from November to December.
The weekly average rates for 30-year fixed mortgages decreased to 4.92% last week, down from 5.10% the week prior, according to the Zillow Mortgage Rate Monitor, compiled by leading real estate website Zillow.com(R). Meanwhile, rates for 15-year fixed mortgages decreased to 4.58%, down from 4.79% and 5-1 adjustable rate mortgages decreased to 5.35% from 5.62%.
Mortgage Type Average Rate Average Rate % Change
Week ending 1/11/09 Week ending 1/4/09
30-year fixed 4.92% 5.10% -3.6%
15-year fixed 4.58% 4.79% -4.5%
5-1 ARM 5.35% 5.62% -4.8%
Rates for 30-year fixed mortgages fell far below 5.00% again on Monday evening, with the average rate on Zillow Mortgage Marketplace at 4.86%.
At a state level, the 30-year fixed mortgage rate in Maryland and Virginia had the biggest decreases, dropping from 5.26% to 4.97% and 5.21% to 4.93%, respectively. Rates on 30-year fixed mortgages were lowest in the states of Arizona (4.80%) and Texas (4.84%), while Maryland (4.97%) and Michigan (5.05%) had the highest rates.
State Average 30-yr. Fixed Average 30-yr. Fixed % Change
Rate Rate
Week ending 1/11/09 Week ending 1/4/09
About the author:
Jerry LaRose is an Orlando Area Residential Real Estate Expert, who can assist you with the purchase and/or sale of real estate in Orlando, Windermere, Winter Garden Florida or any place in the country. Jerry has created a team of professionals throughout Orlando and the country to ensure that you enjoy a smooth transition to your new area. Please visit www.JerrySellsOrlando.com for your real estate needs. Please give me a call if you have questions about the Orlando and Central Florida real estate market.
Jerry LaRose, P.A., ABR, GRI, e-PRO, CLHMS, REALTOR® 407-580-7011
(Copyright © 2008 By Jerry LaRose, P.A. All Rights Reserved.)
