The Real Deal Miami

Mortgage rate drop helps S. Florida

March 23, 2009 10:58AM

Almost immediately after the Federal Reserve said it would double its purchases of mortgage debt, rates fell to record lows nationally and major South Florida lenders were no exception. BankAtlantic and Wachovia listed 30-year mortgages for 4.5 percent, Chase had loans at 4.65 and Third Federal offered 5 percent. Nationally, the average conforming 30-year fixed rate for the week ended Thursday was 4.98 percent, according to a Freddie Mac survey taken before the latest interest-rate dips.