Is the LOW Mortgage Rate Party Over?

The national average mortgage rate is 3.54% this week for 30 year fixed-rate loans; it was 3.34% last week. The repeated record-low rates over the last several months have, in reality, been indicators of how bad the economy was.  Solid year-end housing numbers and other positive economic news pushed rates higher this week. While low rates have been nice, (still) reasonable rates AND an improving economy are much better.

15-year rate average is 2.81%. Buyers should always investigate the possibility of a 15-year loan. In some cases a few more dollars each month can translate to thousands saved over the life of a mortgage.

Home Prices Up

The Case Shiller Home Price Indices for November 2012 were released this morning with South Florida back in positive territory in the month-over-month measurement (there was a slight decline in last month's report).  Prices rose three-fourths of one percent in the month, were just under 10% above November 2011 and racks up an increase of 9.75% for January-November 2012.

This study includes 20 metropolitan areas with 19 increasing in November.  The greatest increases are being experienced in Phoenix where prices were up almost over 23% over the twelve months ending in November.

Canadians Sense Chinese Competition for Florida Real Estate

Here's an interesting article from Toronto addressing concern that Florida real estate isn't as easy to pick up as it used to be.  http://www.thestar.com/business/article/1313408--snowbirds-facing-new-headwinds-in-florida-real-estate-markets