Blog entries

Historic Lows Persist With Florida Mortgage Rate

maryaldossary@gmail.com — Sat, 10 Jul 2010 02:00:16 +0100

Historically low mortgage rates are persisting in Florida. This week sees the (30 yr FRM) drop to 4.6o with an average 0.7 points,( down 0.1 from last week) according to the weekly report by Freddie Mac, for the week ending July 9th, 2010. The national mortgage rate is 4.57!30-Year Fixed Rate Florida Mortgage Rates & USA (09/07/10)

FLORIDAUSAAverage4.604.57*Fees & Points0.80.7

*Fees and Points are the total charged by the lender at settlement. One point equals one percent of the loan amount. Primary Mortgage Market Survey® data provided by Freddie Mac

Frank Nothaft, Freddie Mac vice president and chief economist in his weekly commentary discussed the impact these rates are having on the US economy...

Refinance activity has been strong over the past three months, according to The Bureau of Economic Analysis, the effective mortgage rate of all loans outstanding was just below six percent in the first quarter of 2010 (the lowest since the series began in 1977).Since the start of the second quarter, two out of three mortgage applications on average were for refinancing, according to the Mortgage Bankers Association.Household balance sheets have also improved. The Federal Reserve reported household net worth rose by almost $1.1 trillion in the first quarter of 2010. The share of credit card loans that were 30-days or more past due fell to the lowest since first quarter of 2002, according to the American Bankers Association. The aggregate household debt burdens were at a level not seen since the third quarter of 2000, based on the Fed’s debt service ratio.

US Weekly Currency Interbank Exchange Rates 09/07/ 2009

Currency RateLast WeekThis WeekUS$1.519 1.508

The summary from our currency expert Charles Purdy on how the US dollar fared this week...

US initial claims for unemployment benefits fell this week to 454,000 from 475,000 for the previous week. This was much better than anticipated and helped boost the US dollar. It also had an impact on US government bond yields, which rose (an indicator that investors are looking for riskier assets to invest in). Rounding up, Charles mentioned that the US administration vowed to monitor the Chinese yuan exchange rate, to ensure that China is living up to its commitments to help rebalance the global economy.

Historically Low Mortgage Rates Again For Florida...Make Your Move!

Sat, 03 Jul 2010 04:10:18 +0100

Record low mortgage rates are persisting in Florida. This week sees the (30 yr FRM) drop to 4.61 with an average 0.8 points, according to the weekly report by Freddie Mac, for the week ending July 02, 2010. The national mortgage rate is 4.58! 30-Year Fixed Rate Florida Mortgage Rates & USA (2/07/10)

FLORIDAUSAAverage4.614.58*Fees & Points0.80.7

*Fees and Points are the total charged by the lender at settlement. One point equals one percent of the loan amount. Primary Mortgage Market Survey® data provided by Freddie Mac

Frank Nothaft, Freddie Mac vice president and chief economist in his weekly commentary spoke of this weeks record lows manifesting in a period where the economy is struggling to gain momentum and to boot inflation remains very low. Nothaft then quoted some economic stats,

Growth estimates for first quarter GDP were revised down by a half percentage point over the past two months to 2.7 percent.( Bureau of Economic Analysis) Annual inflation, as measured by the 12-month change in the core CPI, held at 0.9 percent in April and May, which is the slowest pace in over 44 years( Bureau of Labor Statistics )

Nothaft then rounded up by mentioning current home prices,

House prices are improving due in part to the homebuyer tax credit. The S&P/Case-Shiller® 20-city home price index grew 0.4 percent between March and April and was up 3.9 percent from April 2009(the largest annual gain since October 2006) 17 of the metropolitan areas experienced monthly gains in April, compared to 10 in March and six in February.

US Weekly Currency Interbank Exchange Rates 02/07/ 2009

Currency RateLast WeekThis WeekUS$1.495 1.519

The summary from our currency expert Charles Purdy on how the US dollar fared this week...

In the USA, , pending home sales dropped by 30% in May, following an expiry of tax credits for property buyers and the ISM manufacturing index fell from 59.7 to 56.2 – the biggest fall in activity since December 2009.

The main event of Friday was the US Non-Farm payroll data. Most experts were expecting a fall of over 100,000 jobs on the month and the actual figure came in slightly worse at 125,000.

The problem that the US needs to face head on, is the nations huge debts. However there seems to be a lack of a plan to do this. Unlike the Europeans the only thought seems to be to throw more money at the economy in an attempt to keep it moving forward.

Florida Mortgage Rate Hits All Time Low!

maryaldossary@gmail.com — Fri, 25 Jun 2010 19:58:03 +0100

Record low mortgage rates are being witnessed in Florida. This week sees the (30 yr FRM) drop to 4.70 with an average 0.7 points, according to the weekly report by Freddie Mac, for the week ending June 25th, 2010. The national mortgage rate is 4.69. 30-Year Fixed Rate Florida Mortgage Rates & USA (25/06/10)
FLORIDAUSAAverage4.704.69*Fees & Points0.70.7

*Fees and Points are the total charged by the lender at settlement. One point equals one percent of the loan amount. Primary Mortgage Market Survey® data provided by Freddie Mac

Frank Nothaft, Freddie Mac vice president and chief economist in his weekly commentary stated, that mortgage rates (bar, traditional 1-year ARMs) hit all-time record lows this week, while activity in the housing market decreased in May following the closure of the homebuyer tax credits. Nothaft then spoke of the the unexpected declines in May, for both new and existing home sales.

Existing sales fell 2.2 percent, compared to the market consensus forecast of a 6.0 percent gain, based on stats published by the National Association of Realtors® . According to the Census Bureau , sales of new homes fell 32.7 percent to an annualized rate of 300,000 units, which was the largest monthly drop and slowest pace since records began in 1963.

US Weekly Currency Interbank Exchange Rates 26/06/ 2009

Currency RateLast WeekThis WeekUS$1.481 1.495 The summary from our currency expert Charles Purdy on how the US dollar fared this week...

The Federal Reserve met this week and as anticipated, kept interest rates on hold. However the announcement made by the Fed was more pessimistic than previous announcements... certainly knocking US$ sentiment. The question on most peoples minds..."Is this short term"?The market believes so but it will be AMUSING to see if the US$ has lost its status as “hot tottie of the year”.

No Real Change In Florida Mortgage Rate This Week

maryaldossary@gmail.com — Sat, 19 Jun 2010 02:26:47 +0100

Historically low Florida mortgage rates persist. This week sees the (30 yr FRM) hover at 4.74 with an average 0.7 points, according to the weekly digest by Freddie Mac, for the week ending June 19, 2010. The national mortgage rate is 4.75.

30-Year Fixed Rate Florida Mortgage Rates & USA (19/06/10)/01/10)
FLORIDA USA Average 4.74 4.75 *Fees & Points 0.7 0.7

*Fees and Points are the total charged by the lender at settlement. One point equals one percent of the loan amount. Primary Mortgage Market Survey® data provided by Freddie Mac

Frank Nothaft, Freddie Mac vice president and chief economist in his weekly brief stated,

The hovering mortgage rates this week in Florida and nationally were reported amid preliminary signs that the expiration of the home-buyer tax credit in April may have led to a slowdown in new construction properties.

Starts on single-family homes fell 17 % to an annualized pace of 468,000 units in May from April’s 20-month high. Permits on one-unit homes fell to the slowest pace since May 2009. According to the National Association of Home Builders/Wells Fargo Housing Market Index , builders expressed more pessimism in their near-term outlook in June.

BUT...
Nothaft did mention that household balance sheets have improved over the past four quarters. On average,

Households gained $6.3 trillion in net worth in the first quarter from a year ago, as reported by the Federal Reserve . Homeowners have regained $1.1 trillion in home equity over the same time period.

US Weekly Currency Interbank Exchange Rates 19/06/ 2009

Currency Rate Last Week This Week US$ 1.459 1.481

The summary from our currency expert Charles Purdy on how the US dollar fared this week...

The USA, monthly inflation data came in as anticipated but unemployment claims rose by 12,000. This saw some US dollar strength initially, but as investors took in data elsewhere, risk appetite returned and the US dollar weakened as funds flowed into riskier assets.

However one good week doesn’t necessarily mean the downward trend for sterling against the US$ has been broken and the market still expects the US$ to make further gains.

Florida Mortgage Rates Follow Bond Yields... Historically Low Rates!

maryaldossary@gmail.com — Fri, 11 Jun 2010 17:55:21 +0100

Historically low Florida mortgage rates persist. This week sees the (30 yr FRM) slide to 4.73 with an average 0.7 points, according to the weekly digest by Freddie Mac, for the week ending June 11, 2010. The national mortgage rate is 4.72.

30-Year Fixed Rate Florida Mortgage Rates & USA (11/06/10)/01/10)
FLORIDA USA Average 4.73 4.72 *Fees & Points 0.7 0.7

*Fees and Points are the total charged by the lender at settlement. One point equals one percent of the loan amount. Primary Mortgage Market Survey® data provided by Freddie Mac

Frank Nothaft, Freddie Mac vice president and chief economist in his weekly brief stated that this week saw a relatively weak employment report, bond yields fell during the week and mortgage rates followed.

The Lowdown...

Private payrolls rose by 41,000 jobs in May, less than a quarter of the market forecast consensus of an 180,000 gain. Interest rates on 30-year fixed mortgage hovered near the record low set on December 3, 2009 in the Primary Mortgage Market Survey which began in April 1971.

Notthaft concluded by stating that overall, the economy did show signs of improvement.

The Federal Reserve reported in its June 9th regional economic review that the economy strengthened in all 12 of its Districts over April and May. It also noted that loan quality was stable or improving in most Districts, but remained an issue for banks with large exposure to real estate."

Historically Low Florida Mortgage Rates Persist Amidst News Of Improving Credit Conditions

maryaldossary@gmail.com — Fri, 04 Jun 2010 19:01:10 +0100

Record low mortgage rates prevail in Florida. This week sees the (30 yr FRM) nudge to 4.79 with an average 0.7 points, according to the weekly digest by Freddie Mac, for the week ending June 04, 2010. The national mortgage rate is also 4.79.

30-Year Fixed Rate Florida Mortgage Rates & USA (04/06/10)/01/10)
FLORIDA USA Average 4.79
4.79
*Fees & Points 0.8 0.8

*Fees and Points are the total charged by the lender at settlement. One point equals one percent of the loan amount. Primary Mortgage Market Survey® data provided by Freddie Mac

Frank Nothaft, Freddie Mac vice president and chief economist in his weekly brief spoke of the Bureau of Economic Analysis indicators that economic growth was at a much slower slower rate than originally reported in the first three months of the year. This suggests that inflation will be manageable for the short term. Nothaft then mentioned the emerging signs that credit conditions appear to be improving...

The number of homeowners with private mortgage insurance who became current on their mortgages outnumbered those who defaulted for the third month in a row in April.(According to Mortgage Insurance Companies of America )

US Weekly Currency Interbank Exchange Rates 04/06/ 2009

Currency Rate Last Week This Week US$ 1.455 1.456

The summary from our currency expert Charles Purdy on how the US dollar fared this week...

The dominant driver of the US dollar movement through most of the week was the failed Prudential bid. This saw a tussle to pull out of protective ‘hedging’ positions and as a result the US dollar fell against the pound. Early on Friday Non-Farm payroll unemployment data came in 100,000 worse than anticipated. The gut reaction of the markets was to buy US dollars in order to hold ‘safe’ assets. The result? The US dollar strengthened towards the back end of Friday afternoon. But instability in the market is apparent!!

Florida Home Buyer Affordabilty Is Given Helping Hand By Prevailing Low Mortgage Rate

maryaldossary@gmail.com — Sat, 29 May 2010 05:07:06 +0100

The low mortgage rates persist in Florida. This week sees the (30 yr FRM) dip to 4.77 with an average 0.7 points, according to the weekly release by Freddie Mac, for the week ending May 28, 2010. The national mortgage rate is 4.78.

30-Year Fixed Rate Florida Mortgage Rates & USA (28/05/10)/01/10)
FLORIDA USA Average 4.77
4.78
*Fees & Points 0.7 0.7

*Fees and Points are the total charged by the lender at settlement. One point equals one percent of the loan amount. Primary Mortgage Market Survey® data provided by Freddie Mac

Frank Nothaft, Freddie Mac vice president and chief economist stated in the weekly brief that the prevailing low rates are helping to boost home-buyer affordability and soften the effects of the departure of the home-buyer tax credit. It has been widely reported that the credit substantially boosted home sales, as echoed in the strength of the April existing and new home sales,

Existing Home Sales - Up 7.6 percent.New Home Sales - Up 14.8 percent.

The current figures from Freddie Mac’s repeat-transactions home-price indexes also indicate that the sharp downturn in national indexes since 2006 may be nearing an end with national metrics either slowing their descent or showing a modest rise.

The S&P/Case-Shiller Index ® for the United States was up 2.0 percent year-over-year, FHFA Purchase-Only Index and Freddie Mac's Conventional Mortgage Purchase-Only indexes showed declines of 3.1 percent and 1.1 percent, respectively, from first quarter of 2009 to first quarter of 2010, BUT the FHFA's monthly U.S. index showed a pickup in values from February to March.

US Weekly Currency Interbank Exchange Rates 28/05/ 2009

Currency Rate Last Week This Week US$ 1.4434 1.455

The summary from our currency expert Charles Purdy on how the US dollar fared this week...

The US$ continues to convince the market it is a safe haven asset. Sterling has gained some ground on increased risk appetite, pulling back to over US$1.45/£1 but the market is still anticipating that sterling will weaken further. The US does seem to be ahead of the curve with economic data being broadly positive.

Florida Mortgage Rate Just Keeps On Dropping

Fri, 21 May 2010 23:11:58 +0100

The (30 yr FRM) Florida mortgage rate has dropped again for the second week running to 4.83, with an average 0.7 points, according to this weeks release by Freddie Mac, for the week ending May 22, 2010. The national mortgage rate is 4.84.

30-Year Fixed Rate Florida Mortgage Rates & USA (22/05/10)/01/10)
FLORIDA USA Average 4.83
4.84
*Fees & Points 0.7 0.7

*Fees and Points are the total charged by the lender at settlement. One point equals one percent of the loan amount. Primary Mortgage Market Survey® data provided by Freddie Mac

Frank Nothaft, Freddie Mac vice president and chief economist gave his weekly summary on the figures. He commented that mortgage rates eased again this week to the lowest level of the year. Nothaft claims that low mortgage rates in conjunction with the homebuyer tax credit, helped strengthen the housing market in the first four months of the year.

Quick Glimpse At The Market

New construction on one-family homes rose for the fourth consecutive month in April to an annualized rate of nearly 0.6 million units representing the strongest pace since August 2008. Three of the four Census regions showed increases, led by a 14.8 percent jump in the South.Home-builder confidence has risen for the second straight month in May to the highest level since August 2007, according the National Association of Home Builders/Wells Fargo Housing Market Index .

US Weekly Currency Interbank Exchange Rates 22/05/ 2009

Currency Rate Last Week This Week US$ 1.458 1.440

The summary from our currency expert Charles Purdy on how the US dollar fared this week...

The US$ remains the main beneficiary of risk aversion given its safe haven status. Even countries who had anticipated reducing their holdings of US$ and to diversify their risk have been increasing their holding of US$’s. This includes the Russian and the Chinese. US manufacturing data showed a mild decline which was a little disappointing given previous industrial production data. Although the pound is still hovering around the 13 month low, there is still room for it to fall even further.

Florida Mortgage Rates at Lowest Level of the Year

maryaldossary@gmail.com — Sat, 15 May 2010 00:00:20 +0100

The (30 yr FRM) Florida mortgage rates has dipped to 4.91, with an average 0.7 points, according to this weeks release by Freddie Mac, for the week ending May 15, 2010. The national mortgage rate is 4.93.

30-Year Fixed Rate Florida Mortgage Rates & USA (15/05/10)/01/10)
FLORIDA USA Average 4.91
4.93
*Fees & Points 0.7 0.7

*Fees and Points are the total charged by the lender at settlement. One point equals one percent of the loan amount. Primary Mortgage Market Survey® data provided by Freddie Mac

Frank Nothaft, Freddie Mac vice president and chief economist stated that Interest rates on fixed-rate mortgage have declined for the 5th straight week. he mentioned that The National Association of Realtors® reported median house prices as recovering in more local areas in the latest quarter.

US Weekly Currency Interbank Exchange Rates 10/04/ 2009

Currency Rate Last Week This Week US$ 1.469
1.458

The summary from our currency expert Charles Purdy on how the US dollar fared this week...

Unemployment claims in the US fell by 4,000 last month, however this fell short of the expected 8,000 drop. Import prices produced a mild improvement on the month. One analyst has made the bold prediction that the USD will strengthen against the euro and reach or go beyond the 1999 entry rate of $1.18/ €1 as European countries are not adhering to budget deficit rules laid down by the Maastricht treaty. The euro’s status as an alternative to the US dollar is in doubt as a result.

Florida Mortgage Rate At Lowest Rate In Six Weeks

Sat, 08 May 2010 02:57:12 +0100

The (30 yr FRM) Florida mortgage rate has dropped to 4.97, with an average 0.7 points, according to this weeks release by Freddie Mac, for the week ending May 7, 2010. The national mortgage rate is 5.00.

30-Year Fixed Rate Florida Mortgage Rate & USA (07/05/10)/01/10)
FLORIDA USA Average 4.97
5.00
*Fees & Points 0.7 0.7

*Fees and Points are the total charged by the lender at settlement. One point equals one percent of the loan amount. Primary Mortgage Market Survey® data provided by Freddie Mac

Frank Nothaft, Freddie Mac vice president and chief economist commented in his weekly brief that, rates for both the 30-year and 15-year fixed-rate mortgages were at their lowest in six weeks.

Nothaft spoke of the homebuyer tax credit bolstering home sales in March, and informal reports are pointing to strong April sales as well...

Pending existing home sales rose for the second consecutive month in March to the strongest level since October 2009, based on figures published by the National Association of Realtors® . Three of the four Census regions showed an up tick in sales, led by the South with a 12.7 percent gain, while sales in the Northeast fell 3.3 percent. US Weekly Currency Interbank Exchange Rates 10/04/ 2009 Currency Rate Last Week This Week US$ 1.526 1.469

The summary from our currency expert Charles Purdy on how the US dollar fared this week...

The Dow Jones recovered slightly after posting a 1,000 point drop on Thursday and the VIX (a measure of volatility in global financial markets) climbed above 40 (the first time since autumn 2008). This shows the severity of the current situation, as apprehension over Greece and worry over the UK’s political situation saw investors flock to US government bonds (which benefits the US$)which also saw interest rates paid plunge, as demand for the ‘safe’ assets buckled.

No Real Movement On Florida Mortgage Rate

maryaldossary@gmail.com — Fri, 30 Apr 2010 21:34:29 +0100

The (30 yr FRM) Florida mortgage rate has stayed much the same as last week 5.00, with an average 0.7 points, according to this weeks release by Freddie Mac, for the week ending April 30th, 2010. The national mortgage rate is 5.06, down 0.1 from last week.

30-Year Fixed Rate Florida Mortgage Rate & USA (30/04/10)/01/10)
FLORIDA USA Average 5.00 5.06
*Fees & Points 0.7 0.7

*Fees and Points are the total charged by the lender at settlement. One point equals one percent of the loan amount. Primary Mortgage Market Survey® data provided by Freddie Mac

Frank Nothaft, Freddie Mac vice president and chief economist stated in his weekly brief that, 30-year fixed loans mortgage rates have averaged about 5 percent over the first four months of 2010, staying within a band of roughly a quarter percentage point and virtually matching 2009’s annual average. He proposed that the low mortgage rates have helped to moderate house price declines over the course of the year.

Nothaft also mentioned that,

Prices on existing homes reported a 12-month increase of 0.7 percent in February,(the first annual increase since December 2006, according to the S&P/Case-Shiller® 20-city composite index . 9 cities experienced positive growth, matching the number in January. The Census Bureau’s Constant Quality price index showed that new home prices rose 2.5 percent in the first quarter on an annual basis.US Weekly Currency Interbank Exchange Rates 10/04/ 2009 Currency Rate Last Week This Week US$ 1.538 1.526

Here this weeks summary from our currency expert Charles Purdy on how the US dollar fared this week...

Unemployment claims for the month of May grew by 6,000 more than expected and GDP figures for the first quarter came in worse than expected at 3.1%. The Federal Reserve have kept interest rates on hold. The US is recovering and strongly when compared to the UK but the recovery route will be long and hard. Volatility in the market persists.

Rise In Florida Home Sales Expected In Late Spring...

maryaldossary@gmail.com — Sat, 24 Apr 2010 03:10:13 +0100

According to data just released Florida's existing home sales rose ( Florida Realtors®.)
Existing home sales increased 24 percent last month with a total of 16,294 homes sold Condo sales increased by 63 percentSeventeen of Florida's metropolitan statistical areas (MSAs) reported increased existing home sales in March while all MSAs had higher condo sales.Florida's median sales price for existing homes last month was $137,000; a year ago, it was $141,300 for a 3 percent decrease. (Industry analysts with the National Association of Realtors® (NAR) state that sales of foreclosures and other distressed properties distort the median price as they generally sell at a discount relative to traditional homes.)

NAR's anticipated rise in home sales in late spring, should help to absorb inventory...

Little Change From Last Week For Florida Mortgage rate

maryaldossary@gmail.com — Sat, 24 Apr 2010 02:15:36 +0100

The Florida mortgage rate(30 yr FRM) has stayed much the same as last week 5.03, with an average 0.7 points, according to the release by Freddie Mac, for the week ending April 23rd, 2010. The national mortgage rate is unchanged at at 5.07.

30-Year Fixed Rate Florida Mortgage Rate & USA (23/04/10)/01/10)
FLORIDA USA Average 5.03
5.07
*Fees & Points 0.7 0.7

*Fees and Points are the total charged by the lender at settlement. One point equals one percent of the loan amount. Primary Mortgage Market Survey® data provided by Freddie Mac

Frank Nothaft, Freddie Mac vice president and chief economist in his brief on these figures said that the low mortgage rates are energising the home construction industry. Evident by the fact that, although new building of one-family homes slowed slightly between February and March by an annualized rate of 0.9 percent, this was primarily due to a 33.7 percent drop in the Midwest. The other three regions (Northeast, South and West) rose to their strongest pace since the second half of 2008.

Last Nothaft touched on builder stats.

Builder confidence rose more than the market consensus in April to the highest level since September 2009, according to the National Association of Home Builders/Wells Fargo index . The very same month, the builder gauge of current home sales increased to its highest since March 2008.S Weekly Currency Interbank Exchange Rates 10/04/ 2009 Currency Rate Last Week This Week US$ 1.543 1.538

Here this weeks summary from our currency expert Charles Purdy on how the US dollar fared this week...

Economic data in the USA continues to be in line with expectations. For example, the number of people claiming unemployment benefits dropped by 24,000 – about 4,000 short of what was anticipated. The US economy continues to claw its way out of recession into, what is hoped will be, a steady and long recovery phase.

Florida Mortgage rate eases Slightly This Week

maryaldossary@gmail.com — Fri, 16 Apr 2010 22:21:36 +0100

The Florida mortgage rate(30 yr FRM) has relaxed to 5.02, with an average 0.7 points, according to the release by Freddie Mac, for the week ending April 17, 2010. The national mortgage rate is hovering at at 5.07.

30-Year Fixed Rate Florida Mortgage Rate & USA (17/04/10)/01/10)
FLORIDA USA Average 5.02
5.07
*Fees & Points 0.7 0.6

*Fees and Points are the total charged by the lender at settlement. One point equals one percent of the loan amount. Primary Mortgage Market Survey® data provided by Freddie Mac

Frank Nothaft, Freddie Mac vice president and chief economist gave his weekly brief along with the release of this weeks figures. he mentioned that mortgage rates have eased back to where they were two weeks ago and still remain historically low ( After rising for four consecutive weeks!)

Nothaft then went on to discuss the Federal Reserve findings which were reported in its April 14th regional business survey. They found that,

Consumer prices generally remained levelProducers had difficulty passing along increases in some raw materials. Nothaft projects that this will likely keep inflation at bay as evidenced by the 1.1 percent growth in core consumer prices for the 12-months ending in March 2010, which was the lowest annual increase since January 2004!

He also spoke of the continuing low mortgage rates which are helping to stabilize the housing market. Lastly the chief economist spoke of the Federal Reserve findings that,

Residential activity increased while home prices were stable across most of its 12 Districts over the six weeks prior to April 5th. Credit standards remained generally unchanged across the nation, while credit quality was mixed according to the report.

US Weekly Currency Interbank Exchange Rates 10/04/ 2009

Currency Rate Last Week This Week US$ 1.536 1.543

Here is a summary from our currency expert Charles Purdy on how the US dollar fared this week...

The US$ has been moving swiftly between US$1.55/£1 and US$1.535/£1 over the course of the week. The market seems unclear of,

Whether to buy on risk concerns Or sell on having greater risk appetite. Many market commentators are forecasting the US$ to start strengthening again as the US leads the western world out of recession so... it may be a good time to buy US$’s!

Bond Yields Pushes Florida Mortgage Rate to Highest Level in Eight Months!

maryaldossary@gmail.com — Sat, 10 Apr 2010 20:27:37 +0100

The Florida mortgage rate(30 yr FRM) has climbed to 5.15, with an average 0.7 points, according to the results released by Freddie Mac, for the week ending April 10, 2010. The national mortgage rate is higher at at 5.21.

30-Year Fixed Rate Florida Mortgage Rate & USA (10/04/10)/01/10)
FLORIDA USA Average 5.15
5.21
*Fees & Points 0.7 0.6

*Fees and Points are the total charged by the lender at settlement. One point equals one percent of the loan amount. Primary Mortgage Market Survey® data provided by Freddie Mac

Frank Nothaft, Freddie Mac vice president and chief economist mentioned that mortgage rates followed bond yields higher along with a positive March employment report. he then went on to speak about the economy,

The country added 162,000 jobs. The job boost is the largest monthly gain over the past three years! To boot revisions raised the January and February figures by a combined 61,000 workers. Excluding government employees, private payrolls rose for the third consecutive month and were the strongest increase since May 2007!The extension in early November of last year to the homebuyer tax credit is reported to be showing some impact on housing market activity, mostly through the use of government-insured mortgages. ( a favorite among first-time home-buyers) According to the Mortgage Bankers Association, mortgage applications for home purchases are up 17 percent for the first week in April of this year for government-insured loans, compared to an 11 percent decline in conventional loans. National Association of Realtors ® reported that pending existing home sales jumped 8.2 percent in February, well above the market consensus and represented the second largest increase since records began in 2001 . Homebuyers must enter a housing contract by April 30th and close by June 30th in order to receive the tax credit.

US Weekly Currency Interbank Exchange Rates 10/04/ 2009

Currency Rate Last Week This Week US$ 1.522 1.536

Here is a summary from our currency expert Charles Purdy on how the US dollar fared this week...

The news out of the US this week has been minimal. The pressing issue on the minds of the Americans, other than Tiger Woods return to golf, is whether or not the Chinese are going to allow their currency the renminbi to start appreciating against the US$.

Since the rolling out of of the worldwide financial crisis the Chinese have kept the renminbi fixed to the US$ to help their exports. The Americans are opposed to this as it reduces their ability to export and they have been applying pressure for the Chinese to allow the renminbi to appreciate.

As expected by many, the more pressure that the US applied the less likely the Chinese were to change their position. However it does seem that the world is moving out of recession and the Chinese are becoming more relaxed about letting the renminbi appreciate.

Major Online Property Portal Is Overpricing By Almost 10 Percent

Tue, 06 Apr 2010 22:06:54 +0100

Zillow's Zestimates are not written in stone...

According to The Appraisal Journal. Chicago: Winter 2010. Vol. 78, Iss. 1; p. 26, Zillow estimates

Overvalue property by 10 percent compared to the sale price. Zillow overestimates values for approximately 80 percent of the houses in the sample study by at least 1 percent 0.88 percent of home values were found to be underestimated by more than 10 percent, again compared to the sale price.

The study was based on a sample using housing values from Arlington, Texas. In the study,

40 percent of the homes were overpriced by Zillow by more than 10 percentonly 0.88 percent underpriced by more than 10 percent. 59 percent of the Zestimates fall within ±10 percent of sale price. Zillow indicated that the Zestimates for this location are at its highest accuracy level because it has the best data for this area. Zillow also prices some housing characteristics differently than the market. Specifically, vacant properties are overvalued. It appears that Zillow does not track the occupancy of a property, yet vacancy is known to affect value.

You can make good use of Zillow's Zestimates, but in most situations Zillow should not be relied on to provide an accurate estimate of value. Selma Lewis, Research Economist spoke on the findings of this research and more or less said that, Zillow's house value estimate and related information should be used as a quick way to discover the relative value of houses in a neighborhood, but to keep in mind that it appears less precise than a homeowner's own estimate of home value.

Florida Mortgage Rate at Second Highest Level This Year

maryaldossary@gmail.com — Fri, 02 Apr 2010 23:03:37 +0100

The Florida mortgage rate(30 yr FRM) has lept to 5.06, with an average 0.6 points, according to the results released by Freddie Mac, for the week ending April 3, 2010. The national mortgage rate is sitting at at 5.08.

30-Year Fixed Rate Florida Mortgage Rate & USA (o3/04/10)/01/10)
FLORIDA USA Average 5.06
5.08
*Fees & Points 0.7 0.6

*Fees and Points are the total charged by the lender at settlement. One point equals one percent of the loan amount. Primary Mortgage Market Survey® data provided by Freddie Mac

Frank Nothaft, Freddie Mac vice president and chief economist stated that Interest rates for fixed mortgages climbed this week following a run up in long-term bond yields, while ARM rates relaxed slightly.

He then went on to say that Home-price declines continue to moderate with more metropolitan areas showing stabilizing or rising values. Compared with one year ago, house prices were,

Down 0.7 percent in January 2010 in the S&P/Case-Shiller® 20-City Composite Index, (the smallest 12-month decrease since January 2007. ) Nine of the cities experienced positive growth, led by San Francisco’s 9.1 percent annual gain. Recently, the Mortgage Insurance Companies of America reported that homeowners who moved out of default outnumbered those who became newly delinquent in February, which was the first such occurrence since March 2006

US Weekly Currency Interbank Exchange Rates 3/04/ 2009

Currency Rate Last Week This Week US$ 1.484 1.522

Here is a summary from our currency expert Charles Purdy on how the US dollar fared this week...

"The US$ lost ground as riskier assets came to the fore again. In the USA we also had mixed economic data. Slightly down was personal spending and income but consumer confidence was up increasing. However companies unexpectedly cut 23,000 jobs from the payroll in the last month.

Expectations were for an increase of 40,000. The results from this particular survey do not take into account ‘weather related’ jobs which are expected to show a strong rebound following last month’s adverse weather conditions.

The main data including this figure is out tomorrow, and given many major markets are closed there could be serious volatility as fewer participants in the market reduces liquidity and can cause price spikes. So the US$ has not enjoyed the build up to Easter but it could all reverse post Easter and the US$ return to its upward trajectory. "

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Florida Property Investment Sales Down But Vacation Home Sales Are Up...

maryaldossary@gmail.com — Wed, 31 Mar 2010 23:36:38 +0100

NAR’s 2010 Investment and Vacation Home Buyers Survey, reported that Florida Vacation-home sales recovered in 2009 while investment sales fell sharply, the US in general is in the same vein.

Vacation-home sales climbed to 7.9 percent to 553,000 last year from 513,000 in 2008Investment-home sales dipped to 15.9 percent to 940,000 in 2009 from 1.12 million in 2008. Primary residence sales climbed to 7.1 percent to 4.04 million in 2009 from 3.77 million in 2008. 9 Out of 10 Saying They Plan To Use The Property For Vacations ...The typical vacation-home buyer is making a lifestyle choice!Investment buyers predominantly look rental income, with six in 10 planning to rent to others, however one in five wants a family member, friend or relative to use the home too. (NAR Chief Economist Lawrence Yun)26 percent of vacation-home buyers and 8 percent of investment buyers intend to use the property as a primary residence in the future.

According to Lawrence Yun the median transaction price of a vacation home was $169,000 in 2009, compared with $150,000 in 2008. Yun suggests that the higher vacation home price may reflect increased sales in higher priced markets, such as Florida and California where prices became increasingly attractive for buyers over the past year.

Buyers were more likely to purchase investment homes within a metropolitan area, while vacation homes were generally located in a rural area, small town or resort.

Vacation-home buyers aim to keep their property for a median of 16 years while investment buyers aim to hold their property for a median of 12 years.

Yun predicts that, demographically, the long-term demand for second homes looks promising as large numbers of home-buyerss are in the prime years for buying a second property. Historically, people become interested in buying a second home in their mid 40s. He reports that consumers who are now in their 30s and 40s will dominate the second-home market in the coming decade.

This report indicates the need to educate second homeowners on the benefits of renting out their holiday home. Why have property that sits unused most of the year that you have to maintain. By renting out the property you can offset most of your original expenses and still have your holiday home when you need it. Florida is ripe for vacation lets. With the right team and the right home your holiday home in Florida can pay a LOT of your bills and some more!

Florida Mortgage Rates Creep Up Following Bond Yields

maryaldossary@gmail.com — Fri, 26 Mar 2010 22:54:27 +0100

The Florida mortgage rate(30 yr FRM) has nudged up to 4.99, with an average 0.6 points, according to the results released by Freddie Mac, for the week ending March 25, 2010. The national mortgage rate is also sitting at at 4.99.

30-Year Fixed Rate Florida Mortgage Rate & USA (25/03/10)/01/10)
FLORIDA USA Average 4.99
4.99
*Fees & Points 0.6 0.6

*Fees and Points are the total charged by the lender at settlement. One point equals one percent of the loan amount. Primary Mortgage Market Survey® data provided by Freddie Mac

Frank Nothaft, Freddie Mac vice president and chief economist commented that Mortgage rates nudged up slightly this week as bond yields rose even further, however interest rates on 30-year fixed mortgages are still below 5 percent for the fourth consecutive week!

Nothaft also mentioned that The Federal Reserve reported that the financial obligations for homeowners has improved in 2009.

The financial obligations for homeowners declined to under 16.1 % of their disposable income in the fourth quarter, which represents the lowest share since the third quarter of 2003!The obligations share for renters fell below 24.4 percent, the lowest since the end of 1993.

US Weekly Currency Interbank Exchange Rates 25/03/ 2009

Currency Rate Last Week This Week US$ 1.513 1.484

Our currency expert Charles Purdy gave us a run down on how the US dollar is fairing this week. The US dollar has been the main beneficiary this week as uncertainty prompts investors to look to its status as the worlds reserve currency and a safe haven asset.

In the USA, the Quarter on Quarter GDP which was anticipated to be revised upwards to 6% growth was actually reduced to 5.6%. Still extraordinary when compared the UK. That is why the rest of the world is expecting that the US will lead the rest of the world into recovery. The US dollar is very volatile against sterling and this is likely to continue in the run up to the election.

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Debut Ocean Festival in Key West This Weekend!

maryaldossary@gmail.com — Wed, 24 Mar 2010 20:31:02 +0100

An inaugural Ocean Festival will take place in Key West this Saturday 27/04/2010. This will become an annual festival and will be held at at NOAA's Eco Discovery Center at Truman Waterfront in Key West, FL. The Ocean festival will honor the marine life of the Florida Keys.

For The Kids...

For wannabe anglers, there will be a Kids' Fishing Clinic. Your young uns can learn the rudiments of Key West fishing from local pros, whilst learning about marine conservation... fun with an educational twist!Touch Tanks are for kids of all ages. In fact all ages will be amazed at the opportunity to touch real live sea inhabitants and they will be privvy to the inside scoop on these marine inhabitants from a scientist!The first twenty five kids to sign up for the fishing clinic will receive a free rod and reel.Kids Treasure Hunt.Passport to the Ocean game, with prizes and drawing.

For You...

Stroll the works of art by marine artists whose work will be on proud display at the Eco Discovery Center's building on the Key West waterfront. Local musicians Corey Heydon, Scott Kirby and Chris Cook will supply the music, and at 5:30 Grammy nominated Nashville singer & songwriter James Slater will be there to entertain...all FREE!Free AdmissionFree Parking

Be sure to check out Key West Sunsets if you are in town for this event