What's normal for the current mortgage market in FL?

October 31, 2022, 10:11 PM

Rey HRH

Are you asking or informing?

It sounds like you're informing as you have the terms. 6.125% for a 15 year term sounds normal in the current market.

I don't consider buying points and loan origination fee as "loan costs." They are actually mathematically part of the actual interest rate you're paying for the mortgage. If you're buying points, you're paying for "lower" interest rate which mathematically equates to the same or with some unscrupulous finance people, higher interest rate. Origination fee means they're not loaning you the full loan amount, the full loan amount they're supposedly giving you is lessened by the origination fee you're paying.

I give you a loan of $100,000 with an origination fee of 1%. So you give me $1,000 and I supposedly fund the $100k loan for you. You pay the interest rate on the $100k loan amount but $1k of that loan amount was the origination fee you paid.

I always say I want the straight APR with no origination fees or points so I can easily compare it with other mortgage rates. I can do the math and condense the origination fees and points into the APR but I'd rather not.

Loan costs would be escrow fee, title fee, documentation, notary, etc. Those things that are related with the house purchase and not part of the financing mumbo jumbo terms that confuse consumers and shake more money from them.

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November 01, 2022, 03:50 AM

Aglifter

I was asking. I’m trying to see if the quote is normal on the fees.

They quoted 6.47% “APR” which was the overall loan costs - which I guess is the fees worked in as part of the interest?

November 01, 2022, 06:45 AM

sourdough44

I think the trend is still up. If you plan to buy, I’d wager the average is better now than it will be next Spring.

The Fed plans a rate hike this week, mortgage increases have a lag to them.

November 01, 2022, 11:33 AM

tsmccull

The rate’s also affected by whether or not you have enough down to avoid PMI on the loan.

November 01, 2022, 03:52 PM

ElToro

If that’s 0 points that’s not terrible for a FNMA 15 right now.
They should have room to get a 5 in front of it though.

November 01, 2022, 09:15 PM

ArtieS

You have email. I have a friend who owns a mortgage company in Florida.

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