WLRN Public Media | By Tom Hudson
South Florida home and condo buyers who borrow money are charged some of the highest mortgage rates in the country.
The median mortgage rate was just a hair below 7% last year, according to a research from real estate and construction data firm Construction Coverage.
“It’s no surprise to me to see us at the higher interest rate bracket,” said Orlando Diaz, president of Florida Association of Mortgage Professionals.
The analysis examined conventional mortgages approved last year to purchase homes. A conventional mortgage is not insured or guaranteed by the U.S. government. It is the most common type of mortgage used to purchase a home.
This story was originally produced by WLRN, South Florida’s only public radio station at 91.3 FM, as part of a content sharing partnership with MIA Media Group. Read more at WLRN.org
