Freddie Mac said late this week that the average rate for a 30-year fixed rate mortgage fell to 4.22% from 4.32% last week. The average 15-year fixed rate mortgage similarly fell from 3.37% last week to 3.29%. These rates had started to drop during September after the federal Reserve held off on slowing down their purchases of $85 billion worth of bonds each month. Mortgages interest rates tend to track the yield on the 10-year U.S. Treasury note.
Families seeking a new or second home in the metropolitan Sarasota Florida area in places like Lakewood Ranch or in one of the many communities of Sarasota golf course homes should be encouraged by these mortgage rates. "For a while, Plumb said, "it looked as though those who hadn't bought a couple months ago were going to be priced out of the market by rising mortgage interest rates. But now, they've got another shot at buying a home like the one they had looked at but didn't buy in August."
