As Miami residents are likely aware, for some time now the residential real estate market has been a buyer's market. This is in large part due to the overabundance of homes available for purchase. Another reason for this is the historically low mortgage rates. Already low, the percentage rates continue to drop.
According to a Freddie Mac survey that was conducted last week, the 30-year fixed-rate mortgage just dropped again. It is down another 0.1 percent. While that may not seem like much of a drop, consider this--the rate prior to the drop was already the unbelievably low 3.79 percent. Now at 3.78 percent, the number is 0.82 percent lower than the 2011 average. Over the course of 30 years, that translates into a savings of $17,217 for a homeowner as compared to last year.