Florida Home Prices

The Case-Shiller home price index for October came out this week and the results aren't pretty. Home prices took a dive in October across most of the nation as credit continued to tighten. Lenders continue to tighten standards for mortgage borrowers to the point that now half of all homeowners with mortgages couldn't qualify to refinance their current mortgage balance. For those that can, rates are at historic lows. This is a great time to refinance for those who qualify and are currently paying over 6.25%.






In Florida, home prices continue to fall. Historical data and my current forecast for prices into this summer are shown in the graph.

30-Year Fixed Conforming Mortgage Rates

Countrywide has the lowest APR at 4.478% for a $300,000, 30-year loan with 1.0 points.

LFCU = Locheed Federal Credit Union

30-Year Fixed Rate Mortgage
Loan amounts up to $417,000.
Rates current as of 12/29/08*

	Rate	Points	APR	Loan Amount	Monthly P&I
LFCU	4.990%	1.000%	5.086%	$300,000	$1,609
Bank of America	4.625%	0.988%	4.715%	$300,000	$1,543
Countrywide	4.375%	1.125%	4.478%	$300,000	$1,498
WAMU	4.750%	1.125%	4.854%	$300,000	$1,565
Wells Fargo	4.750%	1.000%	4.846%	$300,000	$1,565
Ditech	6.375%	1.000%	6.480%	$300,000	$1,872

*APR = Annual Percentage Rate. APR assumes a loan-to-value ratio of 80%, 30-year conforming 1st Mortgage. Closing costs and other fees apply. Points and closing costs affect APR. Monthly payments are estimated. Lender rates are subject to change.

NOTE: These rates are for comparative purposes.