July 26, 2012
Mortgage interest rates fell recently to 3.53 percent for a 30-year loan. This is the lowest fixed mortgage interest rates have been since long-term mortgage rates began in the 1950’s, according to mortgage buyers Freddie Mac.
The average rate on a 15-year mortgage went down to 2.83 percent. Many people use this option to refinance their home, which is a great idea.
Refinancing at such a low interest rate is good for the economy all the way around. When home owners save money on their mortgage they have more money to spend, which ends up helping many business owners from boutiques to restaurants.
Lower mortgages have contributed to the recovering housing market in Miami and Fort Lauderdale. Builders are creating more houses and condos then they have in at least four years, according to Floridarealtors.org. Luxury oceanfront condo construction has been on the rise in Miami as well.
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