Clayton Park | Daytona Beach News-Journal
Florida home sales in May rose for the ninth straight month while mortgage rates stayed level. That’s no coincidence.
Concerns over rising mortgage rates — causing home sales in Florida to languish — are starting to fade as Realtors reported an uptick in sales in May for the ninth straight month.
The reason? A leveling off of rates for new mortgage loans. On June 25, Freddie Mac reported the national average rate for 30-year fixed-rate mortgage loans held steady at 6.49%, up just two one-hundredths of a percentage point from the previous week.
“I don’t have anybody that I’m working with who is worried about rising mortgage rates,” said Kevin Kaiser, a Realtor with Realty Pros Assured in Daytona Beach. “When rates first went up (in 2022) there was an initial shock, but many now are accepting that this is the new norm.”
BoA survey finds fears over high mortgage rates are starting to ease
A new national survey by the Bank of America Institute found a majority of consumers (53%) said “it’s better to buy a home in the current market” for the first time since 2023.“We are seeing meaningful changes in attitudes toward homeownership,” said Matt Vernon, head of consumer lending at Bank of America in the June 23 report. “Despite real and persistent challenges in the market, buyers and owners are increasingly optimistic, and many are starting to move forward rather than waiting on the sidelines.
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Are you ready to take advantage of current new mortgage interest rates? Contact David at David@DavidFlorida.com or 239-285-1086.