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Felipe Quintero's Blog

By Felipe Quintero | Agent in Miami, FL
  • As interest rates decline, applications leap

    Posted Under: Home Buying in Miami-dade County, Financing in Miami-dade County, Credit Score in Miami-dade County  |  March 27, 2013 10:15 AM  |  309 views  |  No comments

    As interest rates decline, applications leap

    March 27, 2013 10:00AM

    The number of mortgage applications for the week ending March 27, 2013  increased 7.7 percent on a seasonally adjusted basis from one week earlier, the Mortgage Bankers Association announced today. On an unadjusted basis, the Index increased 8 percent compared with the previous week.

    The Refinance Index decreased 8 percent from the previous week and the seasonally adjusted Purchase Index decreased 4 percent from one week earlier.  Unadjusted, the Purchase Index decreased 3 percent compared with the previous week and was 6 percent higher than the same week one year ago.

    The refinance share of mortgage held at 75 percent of total applications. The adjustable-rate mortgage share of activity held at 5 percent of total applications.

    Interest rates for 30-year fixed-rate loans with conforming balances decreased to 3.79 percent from 3.82 percent. Interest rates for jumbo loans also decreased to 3.9 percent from 3.95 percent. Rates for Federal Housing Administration-backed 30-year fixed-rate loans decreased to 3.51 percent from 3.53 percent and 15-year fixed-rate mortgages stayed at 3.02 percent. —Christopher Cameron

  • Buying beats renting in South Florida

    Posted Under: Market Conditions in Miami-dade County, Home Buying in Miami-dade County, Investment Properties in Miami-dade County  |  March 21, 2013 2:56 PM  |  187 views  |  No comments

    Buying beats renting in South Florida

    March 21, 2013 01:00PM

    Buying saves consumers more than 50 percent in South Florida, Trulia study says

    Despite the ever-higher number of foreclosures, buying a home still makes more financial sense in much of South Florida than renting one — or so says a new study by real estate data site Trulia.com cited by the Sun Sentinel.

    Buying a home costs more than 50 percent less than renting in Broward and Palm Beach counties, the study shows. In Broward County, the average monthly cost of owning is $773, compared with an average rental rate of $1,638. In Palm Beach County, the average home costs $773 a month to own, while renting will set the average tenant back $1,767, the Sentinel said.

    The trend can also be found across the nation, the study says. The disparity is greatest in Detroit, where owning a home is about 70 percent cheaper than renting. [Sun Sentinel] –Guelda Voien

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