People applying for a mortgage in Boca Raton will notice rising long-term mortgage rates. In fact, rates are currently at their highest levels in more than four years. It’s the third straight week of increases this spring buying season for long-term mortgage rates.
Boca Raton continues to attract homebuyers. Living in Boca puts you in proximity to the beach, five colleges, a vibrant arts culture and abundant public parks. There are also great neighborhoods and a long list of sporting events in the area. The medium-sized city is also home to a bustling business center. It has several high-rated public and private schools.
Boca is home to spectacular weather, exceptional restaurants, and five-star hotels.
Boca is also one of the wealthiest communities in South Florida. South Florida real estate is once again considered a “good buy,” and both buyers and sellers are back in the real estate market, operating with renewed confidence. According to a recent report released by Freddie Mac, South Florida’s housing market now ranks as one of the most stable in the country.
People shopping for homes in Boca Raton are dealing with higher mortgage costs. In many areas around South Florida, there are fewer properties for sale. Across the country, rising mortgage rates could erode inventories as existing homeowners renovate their homes rather than sell them to avoid paying for a more expensive mortgage that would come with buying a new house. If higher loan rates lead to fewer homes on the market, it could potentially push prices higher and further squeeze would-be homebuyers.
Ace Mortgage Loan Corporation provides quality mortgage services to the people of Broward and Palm Beach Counties, including Boca. People looking for a mortgage in Boca Raton should secure a home loan from an experienced, trusted lender like Ace Mortgage Loan Corporation.