Miami Beach Real Estate is on an upward trend in sales and pricing, with strong demand from luxury Miami Beach home buyers. Even better is the news about mortgage rates dropping, a great advantage if your looking to buy or sell your Miami beach Home. If your a Miami Beach seller , chances are you will have more interested buyers for your Miami Beach waterfront home for sale. As a Buyer, low mortgage rates are a great benefit, as the average fixed mortgage rate dropped again last week, according to the Primary Mortgage Market Survey® (PMMS®), providing more buying power and incentive if you are looking to buy your Miami Beach home.
Nationwide, the 30 year fixed decreased to an average 3.41% with a 0.7 point (last year’s same date comparison was at 3.90%), which is also great news for the local Miami Beach housing market. The 15 year fixed rate mortgage dropped, as well, down to 2.64% with a 0.7 point (last year the 15 year FRM was at 3.13%) which spells relief for those selling Miami Beach homes who are looking for well qualified Miami Beach real estate buyers. You can now Sell your Miami Beach home easier, faster and with more confidence since these mortgage rates are dropping.
In the Miami Beach housing market, as well as other markets in the US, adjustable rate mortgages fluctuated as well, with the 5-year Treasury-indexed hybrid adjustable averaging at 2.60% (0.5 point), down from an average 2.62% from the previous week. The 1-year Treasury-indexed ARM increased a tenth of a percentage to 2.63% (0.4 point), great news for selling your Miami beach waterfront home. Frank Nothaft, vice president and chief economist of Freddie Mac, explained the changes and low interest rates, saying, “Mortgage rates nudged lower this week as consumer spending showed signs of weakness. Retail sales contracted for the second time in three months, falling 0.4 percent in March. In addition, the University of Michigan reported their Consumer Sentiment Index dropped 6.3 points in April to settle at 72.3, its lowest level since July. The April reading snapped a streak of three consecutive gains.”Low interest rates make it the prime time to lock in a mortgage rate and find your Miami Beach home Sale. If you have been thinking about buying or selling your Miami Beach home, please find a Miami Beach home specialist. You can also give me a call, as a Miami Beach real estate Agent, I can assess your needs and qualifications to get you in your new Miami Beach home if your a buyer or find a qualified buyer to sell your Miami Beach home if your a seller.