Florida Mortgage Rates Are Climbing: What You Need to Know
Mortgage rates in Florida have been on the rise in recent months
According to the latest data from Freddie Mac, the average rate for a 30-year fixed mortgage in Florida is now 7.06%, up from 6.274% just a few weeks ago. This is the highest rate we've seen in Florida since 2009.
What's driving the increase in mortgage rates?
There are a number of factors that are contributing to the increase in mortgage rates, including:
- The Federal Reserve is raising interest rates in an effort to combat inflation.
- The demand for mortgages is increasing as more people are looking to buy homes.
- The supply of homes for sale is decreasing, which is also pushing up prices.
What does this mean for homebuyers?
The increase in mortgage rates means that it will be more expensive to buy a home in Florida. If you're planning to buy a home in the near future, it's important to factor in the higher mortgage rates when you're budgeting.
What can you do to get a lower mortgage rate?
There are a number of things you can do to get a lower mortgage rate, including:
- Shop around for the best interest rate.
- Get a higher credit score.
- Make a larger down payment.
- Choose a shorter loan term.
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