With the local real estate market starting to pick up, more good news from the homefront that interest rates are down at record levels again!
According to James Venney, a mortgage banker with Gibraltar Private Bank and Trust, mortgage rates on 30 year fixed loans have fallen under 5%. Even more exciting that jumbo rate loan (loans over $417,000) restrictions have relaxed recently. Venney also points that buyers can now put down 20% and get a rate in the high 5% range.
James Venney also writes a great mortgage blog for the local South Florida market called: Juicy Estates
As a result of the drop of interest rates and especially the relaxed jumbo rate loans, this is all GREAT news for the Parkland real estate market!
Parkland price points are higher than most Broward County cities where buyers in the past were having difficulty coming up with the high downpayment requirements to get jumbo loans. If rates stay in the low 5%, we will have a strong finish in 2009!
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If you are interested in buying or selling real estate in Parkland, please give us a call at 954-609-0591 or send a note to the squawk.