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According to an article posted today, the fixed rate mortgages for Florida are going to stay unchanged for 30 year mortgages. This announcement comes after Ben Bernacke the chairman of the Federal Reserve had decreased mortgage rates last week.
Looking at these rates it’s important to note that mortgages are not getting any cheaper. With banks foreclosing and costs going up, for this economy to come back, we need mortgage rates to start falling so people will want to buy more homes.
Since the Federal Reserve couldn’t do anything to affect these mortgage rates, let’s hope that after the Presidential election is over, consumer confidence starts to return and we see a return of consumer spending, at least after 2008 ends.
So for those of you looking to buy a home, it’s best that you wait until the mortgage rates drop further, because right now prices are still high, and your mortgage payment is going to be equally as high.
