Consumer confidence up, mortgage rates below 6 percent

Sunny Isles Beach Broker Real Estate News

As consumer confidence soared unexpectedly to an eight-month high in September and foreclosure filings were still up, compared to the same data from a year ago, but significantly lower than previous months.

For the first time since earlier this year mortgage rates have dropped below 6%. Freddie Mac reports that a 30-year fixed loan came in at an average of 5.93%, down from 6.35% in the previous month and 6.31% for the same mortgage a year ago.

A borrower taking out a $400,000 mortgage at 5.93 percent would be paying $2,380.00 in principal and interest, which is $108.00 less a month compared to last week’s rate.

More than half of Florida’s metropolitan statistical areas (MSAs) reported increased sales of existing homes in July; seven MSAs also showed gains in condo sales. Realtors around the state reported increased business activity, including more telephone calls, more home showings and a rise in pending sales.

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