S & J Journal

Over the past 20 years, the average interest rate has been between 6% and 7%. We have had record low interest rates in the past two years and they are heading up again. Jumbo loan mortgage rates have recently risen to 4.5% and are continuing to climb. The time to buy is now to get the best investment. The average sale price of a home in the past three months in Coral Gables is about $1M.   This is what your payments would look like if you purchased a $1M home at today’s rates (based on 20% down/$800,000 loan) and if those increase. Contact our friends at Home Financing Center at 305-777-1100 for additional details.

As of last week... Inventory of Single Family Homes in Coral Gables is down to 271. Freddie Mac said about record low 30-year mortgage loan rates:  30-year rate fell last week from 3.53% to 3.49%. It was just over 4.5% one year ago.