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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.)

Interest Rates down in Orlando

In case you had not heard, on Tuesday the Federal Reserve lowered its key
interest rate to  0.25% — the lowest level ever “MSN”.  Several banks have
announced they are lowering their rate to 3.25% in light of the Fed’s
decision.  Typically the prime rate is 3 percentage points higher than the
fed funds rate  ”CNN MONEY”.  This will trickle down into mortgage rates
soon resulting in historic low mortgage rates.

For you as a homeowner or an investor this means the time to buy is now.

  In the words of Donald Trump, “Buy, Buy, Buy, now is the time to Buy” House prices are at there lowest and the fed just cut the rates.  Pool your money, borrow from your family talk to your accountant, whatever it takes, get in the game now!”
Take a minute to give me a call, I am available discuss an approach that
makes sense for you.  Together we can make 2009 the year you move from
working for your money to the year you start making your money work for you!

I look forward to hearing form you soon.

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.)

Lately there has been talk about the 4.5% 30-year fixed rate mortgage. Will it become a reality though? Right now, no one really knows. Homeowners who could benefit from a lower interest rate need to know that even if 4.5% becomes a reality from Washington‘s actions, it would only be available to home buyers, not homeowners seeking to better their rate. If you need to refinance, you will be left out.high point. If you–or friends and family members you know–are contemplating seeking financing, now is the time to act.

You also may have heard about Hope for Homeowners, which is a program approved by legislators to help distressed homeowners. However, regardless of its best intentions, the program has not been embraced by investors, and it is not available to many it could help.

The bottom line is, the Fed announced recently that they are going to buy up to $600 billion in mortgage-backed securities. This has already driven rates to historical lows. In January, the SEC is meeting and information may be released that could have a significant bearing on rates, potentially for the worse.

Waiting to obtain the best rate is only possible for those with loan applications already in process. Interest rates are incredibly volatile and fluctuations that used to take months are now occurring in just days or even hours. If you don’t have an application in process, you could lose out.

We are already seeing lender backlog due to low interest rates. In 2003, with rates at these same low levels, we saw some lenders taking up to 90 days to close a loan.

Home loan rates are currently in the mid- to low-5% range. Home values are currently at 2003-2004 levels, coming down significantly from their

With a first time home buyer tax credit of up to $7,500 and low or no money down programs available for many people today, now is a great time to buy a home.

If you have any questions about how we can help you, call us today.

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.)