Mortgage rates have increased for seven consecutive weeks in the middle of South Florida’s busiest buying season. According to Freddie Mac’s recent Primary Mortgage Market Survey, 30 year fixed rates are averaging about 5.11%. While the upswing in rates is expected to cause some volatility in demand nationwide, it remains to be seen how it will affect our local South Florida markets. With cash buyers still dominating our market, it may be some time before interest rates have any significant effects on our very lopsided seller’s market. The good news? Rates are still historically low when compared to the historical average of about 7.5% and our historical high of 18.45% in October of 1981. Enjoy these rates while they are still historically low or consider one of many adjustable rate mortgage products.
