Is your Dream Vacation Home in Destin, FL really in the Cards?
Is a vacation home in Destin, FL affordable presently? The Primary Mortgage Market Survey (PMMS) results released on June 10, 2011 by Freddie Mac shows new lows in adjustable rate mortgages. The average for a 30-year fixed mortgage was 4.49% and a 15-year mortgage was at 3.68%. This is the lowest rate since November 2010. Therefore, it may be a good time to buy a vacation home in Destin, FL.
A fixed rate 30-year mortgage at the same time last year averaged 4.72%. The 15-year rate of 3.68% was lower than the 4.17% rate of a year ago. The rate a week earlier was higher as well with a 30-year mortgage at 4.72% and a 15-year mortgage at 3.74%. As for those who are considering the purchase of a vacation home in Destin, FL, they may not be affordable for everyone.
The report from Freddie Mac also shows only an additional 54,000 jobs added to the economy for May. This is the least amount in the last eight months. Additionally, for the first time in seven months, factories cut payrolls contributing to the rise in unemployment. Currently it is at 9.1%, the highest since December.
The “Treasury indexed 5-year hybrid adjustable rate mortgage (ARM)” averaged 3.28% according to the figures just released. This is down from 3.41% last week and 3.92% a year ago. The one-year ARM was at 2.95%, down from 3.13% last week and 3.91% a year ago. Thus, a vacation home in Destin, FL may well be in the cards for those who are considering the possibilities.
Although the U.S. housing market remains weak, the purchase of a vacation home in Destin, FL is within the means of many people. The main consideration will be the accessibility of credit by those who want to purchase a vacation home. With the latest tightened restrictions by lenders, some homes are being purchased with all cash by investors as well as those who are buying vacation homes.