In news affecting Naples Gulf Access real estate, The AP is reporting an uptick in National interest rates to 3.75% from 3.69% one week ago. While this rate amounts to a 3-month high, it is still far below the 4.9% interest rates one year ago. Also, the 15-year mortgage rate inched up to 3.18% from 3.15% percent.
Freddie Mac complies these rate statistics every week from surveying lenders around the Country, including Naples, Florida. One additional thing to consider is that these average rates do not take into consideration points, a fee borrowers pay to obtain the lowest rates. On average, borrowers can expect 0.5 point on a 30 year fixed mortgage. For example, a borrower seeking to obtain the lowest rate on a 400,000, could expect an average cost in points of $2,000.00, or .5% of $400,000.
For buyers of Naples Gulf Access real estate, the takeaway from this news is positive. Low interest rates have bolstered the Naples housing market with a fresh pipeline of buyers seeking to take advantage of long term fixed money at historically low rates.
Posted on October 27, 2019 at 6:45 am by Jared Sugerman