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Mortgage Rate In Florida Essay

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MORTGAGE RATES IN FLORIDA – WHERE THEY ARE HEADED ?
Intoduction
At one time when the country had witnessed unprecedented deprecation of home values greater than the Great Depression the state of Florida was the one that was hardest hit. But, from 2010 onwards it changed for the better for Florida. International buyers started taking advantage of a weak dollar in order to buy Florida real estate at a record pace, so were others who were just taking advantage of the drop in property prices a great number of them saw the Florida market as a desirable and secure investment for the future. In fact, during the previous year, foreign buyers purchased almost 25% of all the existing homes sold within the state. The top international buyers of Florida real estate were Canadians, accounting for 36% of the foreign purchases. Other top foreign buyers included folks from Latin America at 16%, …show more content…

Half of the survey respondents said that international buyers currently make up 25% of their business and 15% said they accounted for over 50% of their sales.
Thereafter, in a period of next three years we could see that the mortgage rate catching up with the national average, if we observe more closely we could see that during year 2013 till December 2014 the national average of mortgage rate was higher than that of Florida, whereas thereafter mortgage rates have been higher in Florida when compared to the national average. In the month of August 2013 the national average mortgage rate and Florida mortgage rate were same at 4.36. On 31st July 2015 mortgage rate in Florida is 3.93 whereas National average is 3.87. There could be a number of reasons for this trend.
Reasons for Mortgage rates increase in

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