With Florida home mortgage rates rising now is the time to refinance. Refinancing now turns home equity into cash to pay off credit cards or car loans.

Even if the mortgage rate is a little higher than expected, opportunities exist to "buy down" an interest rate. This is a process where you pay extra points to the lender to get a better interest rate. It costs more at the beginning of the loan but greater savings are made over the mortgage term.

For more information please call 866 398 4664 or go to http://www.FreeFinancialConsulting.com

Mortgage rates are ever changing and there are many factors that determine Florida refinance mortgage rates. The Fed, economic indicators, international crisis and the labor market are just some of the main components that push mortgage interest rates up or down. Long-term Treasury yields, like the 10 year note, are the central focus for fixed rate mortgages.

A nationwide survey of lending institutions on April 5, 2006 showed:

Fixed rate mortgages for a 30 year loan were up to 6.25%. Last week, this same fixed rate mortgage was at 6.125%. Last year this same 30 year Florida fixed rate mortgage was 5.75%. These fixed rate mortgages are usually for "A" borrowers (borrowers who have good FICO scores, good job stability and low debt to income ratios). Fixed rate mortgages for a 15 year loan followed similar patterns. 5.875% this week, 5.75% last week and a big increase from 5.375% last year.

Adjustable Rate Mortgages (ARM) are rising due to rate hikes by the Fed. An average 5/1 ARM is up to 5.75% this week up from 5.625% last week. The popular but very volatile one year ARM had a big jump to 5.625% from 4.875% a week ago. Florida Adjustable Rate Mortgages will probably keep rising because of the Federal Reserve's (the Fed) continuing trend to raise the Fed rate. Wall Street expects the trend to continue because the Fed will probably raise rates again at their meeting on May 10th.

The good news is that if you are thinking of a Florida refinance mortgage, now is the time to contact a lender and start the loan process. The longer you delay, the more you will pay. Also, if you are having difficulty qualifying for a loan, the higher Florida refinance mortgage rate will raise the monthly payment which could disqualify you from the loan!!

For more information please call 866 398 4664 or go to http://www.FreeFinancialConsulting.com

FreeFinancialConsulting.com offers free advice on all personal money matters. In addition to Florida refinance consumers can receive no obligation advice on other mortgage products such as a home buyer loan. Advice is also available on insurance and investments.


Tags: fixed rate mortgage, lending institutions, mortgage rate, debt to income ratios, fixed rate mortgages, adjustable rate mortgages, mortgage interest rates, economic indicators, rate hikes, mortgage term, home mortgage rates, central focus