Mortgage rates are near historic lows. Making this a great time to buy or refinance now. The 30 year mortgage rate is currently at 3.67% and the 15 year is at a 3.04%. South Florida properties values are still down from historic highs and interest rates are still very low. The combinations of these two factors have really helped turn things around in the South Florida real estate market.
Real estate is starting to brighten up again in South Florida thanks in part to low mortgage rates that are allowing for buyers to take advantage of affordable home prices and cheap financing options. Property sales are on the rise in South Florida as inventory levels continue to dwindle at a rapid pace. Buyers are now able to afford what they haven’t been able to in the past, leading to an increase in real estate sales. The historically low rates won’t remain at these levels for much longer. The luxury Miami real estate market has warmed up and a ideal time to buy and sell for many.
Sources: Bottomline, Bank Rate, The Real Deal
Photo credit: Total Mortgage
Fermin Bergouingnan for SydneyServerRealEstate.com
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