REAL ESTATE NEWS:

Florida Rental Market

Florida's rental market pricing fluctuates due to factors including snowbird migration, college schedules and tourism.

When snowbirds return to Florida between November and April, rental prices, particularly along the beaches, rise between 20% and 50%. When the heat and humidity are high in the summer and chances for hurricanes increase, demand declines and landlords will lower their rental prices and offer free rent and other incentives to attract renters.

In Miami and Orlando, on the other hand, steady year-round demand due to job availability often means steadier rental prices, but spring and fall are transitional periods when rental prices adjust according to demand shifts.

To save money, renters should consider these seasonal shifts when searching for new homes. Summer is the ideal time for long-term renters to secure a deal, while those looking for short-term rentals should book ahead during peak season to avoid inflated prices. 

Renters should also consider longer stays as there are usually more discounts or no taxes on a 6 months plus a day stay.

Mortgage Rates Rise to Nearly 6-Month High

Mortgage rates remain near 7%, frustrating some buyers who expected lower costs. Experts say waiting for a big drop may not pay off, as small declines are likely. 

What’s up with mortgage rates?

When mortgage rates rise they can add hundreds of dollars a month in costs for borrowers. The housing market has been in a sales slump since 2022 as elevated mortgage rates discouraged many would-be homebuyers. 

Weren't mortgage rates supposed to be lower by now? The Federal Reserve slashed the federal funds rate three times at the end of 2024, which raised expectations that the cost of borrowing would drop, too.

Instead, 30-year mortgage rates did what no one wanted them to do: They went up. Today, they're still hovering close to the 7% mark, which is significantly higher than most prospective buyers are willing to pay: In fact, nearly a third of non-homeowners (31%) said they would need a mortgage rate of less than 5% to feel comfortable buying a home

There still may be some slight relief in the future. Fannie Mae forecasts 30-year mortgage rates will close this year at 6.6% and will end 2026 at 6.5% 

Is it wise to try to time the market?

Even a small rate drop can make a difference in how much house you can afford. So, if you've been holding off on a home purchase, should you hang tight and keep a laser focus on watching rate movements? Not a great idea,

There's no guarantee that rates are going to be that much less in three or six months. Buying now decisions? There isn't much value in waiting. You could be building up equity in your home. The longer you wait the longer it will take to earn. There's less competition, if you buy now and are less likely to have bidding wars or multiple offers. 

Bottom line

While some housing market experts believe that mortgage rates may tick down toward the end of the year, it's no sure bet. Whether you're a first-time homebuyer or a seller who wants to move but has been scared off by higher rates, get used to the current 6.55% to 7% range. "Shop around for the best mortgage that you can get and do the deal," Ostrowski says. "If mortgage rates really do plunge, you can always refinance later."

The rate fell to 6.65% from 6.67% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.79%.

This is the first decline in the average rate after rising two weeks in a row. The average rate has been mostly trending lower since mid-January, when it climbed to just over 7% — a welcome trend for aspiring homebuyers struggling to afford a home after years of soaring home prices.

Borrowing costs on 15-year fixed-rate mortgages, popular with homeowners refinancing their home loans, rose this week, however, pushing the average rate to 5.89% from 5.83% last week. A year ago, it averaged 6.11%, Freddie Mac said.

Mortgage rates are influenced by several factors, including bond market investors’ expectations for future inflation, global demand for U.S. Treasurys and the Federal Reserve’s interest rate policy decisions.