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The Florida mortgage loans market has been hit hard by the housing crisis that has engulfed the US market in the past several years. In a recent report by MSNBC, foreclosure rates for the 100 largest metro areas in the U.S., Florida had 7 major metropolitan areas in the top 33 on this list. This list was reporting third quarter findings in 2007. Since that time things have only gotten worse.

For those looking for mortgage loans in this environment, loan and rate shopping is critical to finding a good loan with a decent interest rate. The Internet is the best place to rate shop for Florida mortgage loans because you can compare loan quotes side by side with little effort.

It is best to contact a mortgage broker who has access to many lenders and can get quotes for you based on one pull of your credit score and usually one loan application. Of course you’re more likely to get better terms and lower interest rates on Florida mortgage loans if you have a good credit score and credit history.

As of July 2008, here are some examples of different mortgage loans and their interest rates. It is important to remember that loan rates can change daily and have a direct bearing on your particular financial situation. Also, some loans include points while others do not and the closing costs vary for each loan. All these costs need to be factored in to determine the best loan for you.

Fixed Rate Loans

For conforming mortgage loans (up to $417,000) for A credit borrowers, a 30 Year Fixed Rate averages around 6.00 percent with varying amounts of closing costs. Loans with points are around 5.87 percent.

The same conforming loan for a 15 Year Fixed Rate averages around 5.75 percent with varying amounts of closing costs. Loans with points are around 5.50 percent.

For non-conforming Florida mortgage loans or jumbo loans (above $417,000) for A credit borrowers, a 30 Year Fixed Rate averages around 7.15 percent with varying amounts of closing costs. Loans with points are around 6.76 percent.

The same non-conforming loan for a 15 Year Fixed Rate averages around 6.60 percent with varying amounts of closing costs. Loans with points are around 6.40 percent.

Adjustable Rate Mortgage Loans

For conforming Florida mortgage loans (up to $417,000) for A credit borrowers, a 1 Year ARM averages around 4.85 percent. For non-conforming mortgage loans or jumbo loans (above $417,000) for A credit borrowers, a 1 Year ARM averages around 5.18 percent.

Balloon Mortgage Loans

For conforming Florida mortgage loans (up to $417,000) for A credit borrowers, a 5 Year Balloon averages around 5.16 percent with varying amounts of closing costs. Loans with points are around 5.00 percent.

The same conforming loan for a 7 Year Balloon averages around 5.47 percent with varying amounts of closing costs. Loans with points are around 5.25 percent.

With information on the average interest rates on some of the more popular Florida mortgage loans, you can now begin your research on the Internet to find a mortgage broker. A good broker will help you weave your way through the often-confusing terms and conditions associated with home mortgage loans.

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