Mortgage rates have been on a downward spiral for the past five weeks.   Freddie Mac reported this week the average 30-year fixed loan rate dropped to 4.56 percent, the lowest since the institutional giant began tracking rates in 1971.

The 15-year fixed loan rate fell from 4.06 to 4.03 percent, its lowest on record since 1991.

Even with these historic rock bottom interest rates, the mortgage market has not been overwhelmed with borrowers looking to purchase homes or homeowners seeking to refinance.

Existing homeowners who purchased homes within the past five years may not have enough equity built into their home to warrant the expense and ability to refinance.  Many with a reasonable amount of equity chose to refinance when rates began dropping earlier this year.  Who knew that rates would continue to head south once they hit 4.99 percent?

New potential borrowers have been reluctant to delve into the mortgage arena based on the uncertainty of their personal financial future and the perceived macro economic outlook.

As unemployment figures refuse to budge and consumer confidence wanes, the mortgage market finds itself twiddling its thumbs as borrowers and existing (equity-rich) homeowners seek out comfortable seats on the proverbial fence.

Summit Mortgages in Naples, Florida is currently offering the following rates :

Conforming  Loans 
( Up to $417,000)

15 yr fixed:  3.87% APR (3.95%)

30 yr fixed:  4.375% APR (4.46%)

Non Conforming Jumbo Loans ($417,000-$531,000)

15 yr fixed:  4.25% APR (4.32%)

30 yr fixed:  4.75% APR (4.78%)

Contact Will Dukes, Sr. Mortgage Banker  for the most current rates including investment purchases.


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