Florida Mortgage Trends


Sellers can help give buyers extra flexibility with a lower monthly payment by offering them a Temporary Rate Buydown to lower the Buyers interest rate at the start of their loan. It’s a great option for almost any borrower, especially those who:

  • Expect an increase in their income in the next few years
  • Have excess seller concessions to use and want to take advantage of a low fixed rate
  • Are looking to do renovations, make upgrades, or buy furniture for their new home
  • Are going from renting to buying and want to ease into their mortgage with a lower payment

Temporary Rate Buydowns are available for:

  • Conventional primary and second home purchases
  • FHA and VA primary home purchases

1-, 2- and 3-year Temporary Rate Buydown options:

  • 3-2-1 buydown: A buydown of 3% in the first year, 2% in the second year, 1% in the third year, then back to the original locked rate in the fourth year for the duration of the term.
  • 2-1 buydown: A buydown of 2% in the first year and 1% in the second year, then back to the original locked rate in the third year for the duration of the term.
  • 1-1 buydown: A buydown of 1% in the first two years, then back to the original locked rate in the third year for the duration of the term. 
  • 1-0 buydown: A buydown of 1% in the first year, then back to the original locked rate in the second year for the duration of the term.
  • The borrower must qualify for the full monthly payment (before the buydown rate is applied)
  • For the seller-paid option, seller concessions are deposited as a lump sum into a buydown account. A portion of this sum is released each month to reduce the borrower’s monthly payments.

REAL ESTATE AGENTS WILL Love selling more homes & Helping more buyers

  • Working with a mortgage broker saves their buyers money. The average homebuyer who worked with an independent mortgage broker (like AmeriBest Mortgage in Florida) in 2021 saved an amazing $9,407.*
  • Time-saving tools that can get them to the closing table faster.  AmeriBest is constantly innovating to help you speed up the loan process so the buyers can get into new homes faster.
  • Products for more of their homebuyers.  Multiple Buydown options available to borrowers.  For example, Temporary Rate Buydowns (seller paid 3-2-1, 2-1, 1-1 and 1-0 options) can help future buyers receive lower rates and help the home for sale be more attractive as a monthly payment.  

We are getting a lot of calls the Buyers, Sellers & Realtors about this exciting program to curtail the higher interest rates.

By Scott Bray, Branch Mgr, nmls #230075 - AmeriBest Mortgage licensed for Mortgages locate in Florida Nmls #325885  - as of 11.16.22

Posted by Scott Bray on November 16th, 2022 10:14 PM

Interest rates have been moving higher slowly ever since the Federal Reserve went to war on inflation in the US.   We all feel the pinch on the grocery store shelves, at the gas station or out for entertainment.  Prices have risen over 8% or more as some news agencies reported highest in 40 years...  

Since we are a mortgage company and we like to talk about the housing industry in our local Florida market, I felt house prices had risen too quickly (rents too) over the last few Covid plagued years.   Employers allowing some employees to work from home and some were designated "remote workers" so some employees if allowed to work remotely lifted up roots and moved to Florida.  I felt this was a migration to our sunshine state and I read that over 700,000 moved to Florida.  Our local residents are having a hard time competing with out of state families who  can make more that our local families.  These sometimes well qualified out of state buyers started bidding up our home value quickly.  Highest and Best Bid was common and some houses our buyers were trying to buy had 15 bidders!!  Ugh!  

Today with the rise of interest rates by the Federal Reserve we are seeing housing prices falling and the days of multiple bids are turning into interested parties and sometimes an offer...  So we can say the housing market is returning to "normal" again.  

It's soooo important to pay the right price for your home as this price you pay is FIXED you could loosely say is like a marriage..  You won't be changing the price you paid for you home.  The current higher interest rates are one of the reasons why housing prices are falling and interest rates are presently in the 5-7% interest rate range (QM - Conventional, FHA or VA) depending on type of program, credit score, term and overall qualifications to buy or refinance a home today.  So even though rates are high you can refinance later when the Gov't starts lowering rates.  So I say you are "Dating" the interest rate as we can assist you and do a quick refinance to a lower rate fast.  

So as home prices drop and rents still rise... now would be a good time to start the process.  We can look at your credit, discuss your income and get you pre-approved to buy a home with week or in the weeks to month to come.  No obligation.  Feel Free to call us 7 days a week.  We serve all of Florida - our phone is (321) 777-7277.  

We will you much Health & Happiness!  AmeriBest Mortgage Nmls #325885.  Written by Scott Bray, Branch Mgr Nmls #230075 on 11.16.22 

Posted by Scott Bray on November 16th, 2022 10:03 PM

Historically, interest rates are still among the Best even today in the 5% range than they have been many times in my career.  We have high inflation per CNBC financial news (4.13.22) not seen since the 1980s and our interest rates are "only" in the 5% range.  During the 1980s, interest rates were in the teens as I heard in the 12% - 19% range.  I was only in High School during this time but when I opened up a checking account at the bank I remember the bank offering me a standard interest checking account paying 8%.  Wow 8%!!   I feel the current mortgage interest rates are in the range of 4.00% - 5.00% depending on the type of mortgage (conventional, FHA or VA) and your qualifications (credit score and down payment) are still excellent vs other more pressing housing issues.

Our bigger problem is the lack of available homes for sale not only in Florida but around the nation.   For our State of Florida, I have felt for years that there's a migration to Florida.  Not just the people retiring to Florida as long has been a mantra or the goal of people living in colder states but of a true migration.  We have no state income tax and great weather (excluding pesky Hurricane season) but Industry has been coming to Florida expanding our Technology and Space industries locally (Brevard County) for years now. Since Covid 19, a larger growing number of employees who can work from how now choose to work from home in Florida rather than in their current home state.   

In the last two years, we have done loans for people moving from Alaska (6 different families), Oregon, Utah, California, and many of the northernmost states.  I just haven't personally had as many mid-western clients in the previous 27 years as the last few years.  I am wowed by this too but worried as well.

I don't have any solutions for the housing other than to say I do encourage clients to consider new construction.  It seems to be the best bang for the bucks today.  Sales prices could be high for new construction and resale of current homes but at least you get a brand new home.  

I am worried about pricing out the first-time homebuyer and we still get many calls from buyers seeking their first home but it has become increasingly harder for them to find a home that fits their needs.   I have talked to many Realtors and they too feel the pain and anguish of finding lower-priced homes.  

Our mortgage industry is bringing back the "Arm" (adjustable-rate mortgage) loan to help clients consider a lower rate for a shorter fixed-term loan.  The mortgage industry is starting to adjust to the higher interest rates... I just wish builders could build homes faster.  

We're here to help you with competitive rates & low fees for any qualified buyers or refinancing clients.  Please call us if we can be of assistance in Florida at (321) 777-7277.

Posted by Scott Bray on April 16th, 2022 1:43 PM

As of November 2021, the Federal Reserve (FOMC) has hinted that they will start to taper their future purchases of mortgage backed securities in the coming months and we could see a rise in mortgage interest rates in the Spring or Summer of 2022.  

If you are planning on purchasing or refinancing a home there's no better time than now to do it!  

Rates are still among the best of the last 1-2 years and we at AmeriBest are ready to help you get qualified today!  

Please call us at (321) 777-7277 and ask for Donna, Denise, Carrie or Scott and we'll answer all of your mortgage questions!

Posted by Scott Bray on November 7th, 2021 4:00 PM

If you haven't seen the news.. who could miss it with all the Corona virus updates every day and now a global fight in the oil markets have send the stock market into a tailspin.  I hope for all involved this turns out to be a correction and once the world has a grip on the virius and the oil issues we can all get back to enjoy our stable US economy.

To keep this short, please if you are interesting in checking out if a refinance to a lower rate will benefit your housing goals... please call us for a free review of your current interest rate vs today's ultra low interest rates.  You could save thousands this year and every year for many years to come. 

AmeriBest serves all of Florida and you can reach us at (321) 777-7277.  We wish you the Best in 2020!      - As of 3.11.2020
Posted in:General and tagged: RefinanceLowRates
Posted by Scott Bray on March 11th, 2020 10:07 PM


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