Let's begin with the bad news. Mortgage rates increased slightly to just over 5% this past week. The average rate on a 30yr fixed was 5.01%. The Federal Reserve would like to keep rates around the 5% mark to continue to make home buying affordable. It is important to remember that rates will differ depending on the type of loan you obtain.
Now the good news! Recent statistics indicate that Florida property taxes have declined 7.5% over the past three years because of tax-cutting measures approved by the Legislature and voters as well as falling real estate values.
Have a great week!
- Jeff