A Florida Realtor article this week noted that a 30-year fixed rate mortgage loan rate (Freddie Mac) dropped to 4.58%! The last time rates were lower was in the 1950s. Rates on 15-year fixed-rate mortgages fell to an average of 4.04%, down from 4.13% a week earlier. Rates on five-year adjustable rate mortgages averaged 3.79%, the lowest since January 2005. Mortgage applications rose almost 9% last week from a week earlier, according to the Mortgage Bankers Association. Freddie Mac collects data on mortgage rates from lenders across the country on Monday through Wednesday of each week to calculate the national average. Borrowers may be encouraged to refinance, and the Obama administration has launched programs to assist them with refinancing if they owe up to 25% more than their home’s value and have their loans guaranteed by Freddie Mac or Fannie Mae.
The Market in Coral Gables on the move... +As of August 2019 there were 383 single family homes on the market for sale. The average LIST price was $3,173,000 The average SOLD price was $1,208,000 The MEDIAN sold price was $901,000 +There are 122 homes out of 383 homes that are priced under $1,000,000, or 32% of the total +There are 261 homes priced over $1,000,000 in the Gables which is 68% of the Total. + Over the past year there were 446 homes sold in the Gables ( 241 were under $1.0M or 54%) and ( 205 were priced over $1,000,000 or 46%) +The average time a listing is on the market is 63 days. + The average price per square foot is up this year about 3.6%, May-July 2018 to May-July 2019. I think this is due to the sale of many homes that are updated and ready to go. They have been setting records.
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