Mortgage Rates: What Are They Really Telling Us By Christopher Carter - Real Estate Broker Associate November 29, 2023 Share Mortgage Interest Rates you hear about on the evening news or read in an online Real Estate article are actually an average of rates gathered for the Primary Mortgage Market Survey® (PMMS) published every week by the Federal Home Loan Mortgage Corporation, one of the major participants in the U.S. Secondary Mortgage Market. Let's start with some background... "Freddie Mac" (as the FHLMC is called) does not provide Mortgage Financing directly to buyers, nor do they set Interest Rates. They buy Individual Mortgages from Lenders, then bundle them into Mortgage Backed Securities for sale to Institutional Investors who receive cash flow from borrowers making their Monthly Mortgage Payments. Selling Loans on the Secondary Market provides liquidity to Lenders by returning money back to them so they can continue making Mortgage Loans to other Homebuyers. Most Residential Mortgages in the U.S. are sold to large Investors in the Secondary Market. Freddie Mac is just one of the Government-Sponsored Enterprise (GSE) companies and other large Investors participating in the U.S. Secondary Residential Mortgage Market, yet they are the only ones publishing weekly average rates as the widely-watched PMMS. If a Loan does not meet the Qualifying Requirements for sale to Freddie, it will be sold to another Secondary Market Investor or held in the Lender's own Portfolio of Investments. Different Secondary Investors prefer (and even specialize in) different types of Mortgages for various types of Properties and Purchase Transaction Details. Primary Mortgage Market - Banks, Credit Unions, Mortgage Companies, and other Lenders who originate Loans directly to Homebuyers. Individual Lenders set their own Mortgage Interest Rates. Secondary Mortgage Market - Marketplace in which Mortgage Loans and Servicing Rights are sold by Primary Market Lenders to GSEs, Aggregators, and Institutional Investors such as Insurance Companies, Pension Funds, Hedge Funds, and Securities Brokers. So what does all this have to do with Headline Interest Rates? Each week, Freddie Mac reviews Lenders' Loan Applications submitted on their Proprietary Loan Origination and Underwriting Standards Platform. This software evaluates Borrower, Property, and Transaction Details to determine whether or not a Loan will be eligible for sale to Freddie Mac in the Secondary Market after it is approved and Funded by the Lender. Because Freddie Mac interacts with many Primary Market Lenders, they are in a good position to report Market Details and Trends. The average of Lenders' Interest Rates from a very specific group of Loan Applications submitted on Freddie's Eligibility Platform becomes that week's PMMS number and is often presented to the Public in Media Headlines such as: "Mortgage Rates Rise (drop) to X.X%, up (down) from last week..." For some historical perspective, it is interesting to note that ever since the PMMS started monitoring Residential Mortgage Interest Rates in April 1971, for 30-Year Fixed Rate Mortgages: • The Average is 7.74% (average of weekly headline rates) • The Median is 7.41% (median of weekly headline rates) • The High was 18.63% in October 1981 • The Low was 3.31% in November 2012 Despite the many comments we now hear about higher rates (7.44% in the November 16, 2023 Report), current 30-Year Fixed Mortgage Rates are VERY close to the PMMS 50-Year Average. Freddie Mac buys a wide range of Mortgage Loans with different Qualifying Standards from many Lenders. For the Primary Mortgage Market Survey®, some of the specific criteria used to select Loan Applications whose Interest Rates will be included in the Averages are: • Owner-Occupied Primary Residence • Purchase, not Refinance • 30-Year or 15-Year Fixed Rate Loans • Located in lower 48 States and D.C. (not A.K., H.I., or Territories) • Single-Family Home (not Condominium) • 75-80% Loan-To-Value Ratio (20-25% Down Payment) • FICO Credit Score 740 or higher • Conventional Financing (not FHA, VA, USDA) Based on these Qualifying Standards, the PMMS includes rates offered to prime Borrowers, those who present the least risk of default to the Lender so they are offered more attractive Interest Rates. Obviously, not all Buyers/Borrowers and their Home Purchases fit into these Lower-Risk Standards, so headline Interest Rates are not available to all Homebuyers. The Interest Rate a Buyer/Borrower receives from a Lender may start with a Market (headline) Rate, then is adjusted to reflect Individual Borrower Qualifying Specifics (like Credit Score and Debt-To-Income Ratio) and the combination of variables mentioned below. It's all about Lenders' Risk Management. Higher Risk = Higher Rate. Remember that Lenders set their own Interest Rates. However, until more is known about the Buyer, the Property, and the Transaction - Interest Rates are just random numbers being tossed around. Here are some of the factors that Lenders consider in addition to a Borrower's Income, Assets, and Credit that have a direct bearing on the Interest Rate they receive: Loan Program Variables: • Fixed or Adjustable Interest Rate • Government-Insured or Conventional • Purchase or Refinance • Loan-To-Value Ratio (LTV) • Loan Amount (Conforming, High-Balance, or Jumbo) • Term (Payback Period) in years Property Variables: • Single Family Detached • Condominium (Low Rise, High Rise) • Planned Unit Development with HOA • Geographic Location Use and Occupancy Variables: • Owner Occupied Primary Residence • Second/Vacation Home • Investment Property - not Owner Occupied; Short-Term or Annual Rental offered to others Any one of these variables has the potential to directly affect the Interest Rate a Borrower is offered by a Lender. Each Real Estate Transaction is unique, so the variables change with each buyer and each property. The closer buyers can get to the PMMS Criteria outlined above, the better their chances for receiving an Interest Rate closer to the headline rate they heard about in a news story. Bottom line - Individual Borrowers cannot be given an appropriate Mortgage Interest Rate until they submit Personal, Financial, Transaction, and Property-Related Information to a Licensed Mortgage Loan Originator. Editor's Note: Christopher Carter is NOT an attorney. He does not give legal advice. For interpretation and application to specific circumstances of anything you read in this article, you must speak with a Florida-Licensed attorney. Have a question or comment about anything you see here, if so, visit: www.TheFloridaRealEstateBlog.com < Previous News Next News >

Get A Free Toilet Installed - A New Initiative With Broward Water Partnership And Minority Builders Coalition November 14, 2024 Share The Broward Water Partnership (BWP) has partnered with the Minority Builders Coalition’s “Home Touch” program to introduce a new initiative offering free installations of high-efficiency toilets for eligible Broward County senior citizens. This initiative, titled the Each Home Counts Water Savers Program, provides free toilet installations in combination with BWP’s $125 Toilet Rebate Program, allowing seniors to upgrade to water-saving fixtures without a significant financial burden. The collaboration supports BWP’s ongoing goal to promote water conservation and environmental stewardship, while also aligning with the Minority Builders Coalition’s efforts to ensure the health, safety, and well-being of seniors in Broward County. The initiative is a part of BWP's larger Conservation Pays program and the "Each Drop Counts" awareness campaign, both of which focus on raising awareness of water conservation and sustainable practices. By eliminating the financial hurdle of installation costs, the program ensures that seniors can easily access the benefits of water conservation and reduced utility bills. “The partnership between the Broward Water Partnership and the Minority Builders Coalition allows senior citizens the opportunity to lower their utility bills, minimize their environmental impact and helps to create a more sustainable future for Broward County. We are excited that this partnership will assist in reaching our senior community educating the importance of water conservation,” said Monica Pognon, Director of Broward County’s Natural Resources Division. The Minority Builders Coalition’s "Home Touch" program addresses the growing challenges many seniors face in maintaining their homes. A significant number of senior residents in Broward County struggle to keep up with household repairs, with low-income and minority seniors facing the greatest challenges. "Home repairs can be challenging to seniors with restricted incomes, disabilities, and no one to call. Too many seniors choose to delay or forego critical repairs, which can make it hazardous for them to remain in their own homes. Our staff are ready to assist so that our elders can be safe and comfortable in the homes they know and love.” said Brian C. Johnson, President & CEO, Minority Builders Coalition. Seniors can follow these 6 steps to get their free toilet installation and $125 toilet rebate: 1. Register your interest in the Each Home Counts Water Savers Program at: https://conservationpays.com/watersavers/ 2. Check to see if your community is participating by clicking the check eligibility button, then enter your address into the service area map. 3. Check how much water your toilet uses. Rebates are available for your old toilets that use 1.6 gallons per flush or more. 4. Complete the application and if approved, you will receive an approval email with the next steps to purchase your new, high-efficiency toilet(s)! Be sure your toilet is WaterSense® Certified and save your receipt! (Please note there is a 2-toilet limit for the $125 rebate and free installation) 5. Once approved, a representative from the Minority Builders Coalition will call to schedule your free installation. 6. File the documentation for your rebate! To learn more information about the Broward Water Partnership, visit: https://conservationpays.com . < Previous News Next News >

Paving The Way To A Better Future: Budget Workshops & Discussions Are Underway in Hallandale Beach Thu Aug 31 2023 16:09:00 GMT+0000 (Coordinated Universal Time)

Hedge Against Inflation: Facts About CRE To Diversify Your Retirement Portfolio Thu Mar 16 2023 16:05:00 GMT+0000 (Coordinated Universal Time)

Can't Get Next To You: A Temptations Experience You'll Remember November 16, 2022 Share Saturday, January 7th, 2023 will certainly be a night you'll remember. The Temptations Experience will be in town starring Larry Johnson, Terry Horn, Michael White, Steven Wood and Greg Woods, Can’t Get Next to You features classic like “Cloud Nine,” “My Girl,” “Just My Imagination,” “Papa was a Rolling Stone” and more tunes that defined Motown and the Music of the 1960’s and 1970’s. Each member of the group has toured with former Temptations. Together, they bring a show that celebrates one of the most successful groups in popular music, a group that was the first Motown act to win a Grammy and was later inducted into the Rock and Roll Hall of Fame. This show will leave you on Cloud Nine and it won’t just be your imagination. The original Temptations boasted dynamite choreography and soulful, elegant harmonies spanning the entire spectrum of vocal timbres from high and middle tenor to baritone and bass. Although the group’s melodies and vocal interplay sound effortless, they were actually carefully organized to amplify the strengths of each individual member. Can’t Get Next to You has followed that plan. Larry Johnson sang second tenor and lead vocals with former Temptations Ollie “Ali” Woodson’s Group, The Emperors of Soul. He also sang lead vocals with groups fronted by former Temptations members Richard Street, Barrington Henderson and Theo Peoples. He also performed concerts with Peoples, helping to continue his legacy as the only man to sing lead with both the Temptations and the Four Tops. The group is rounded out with the opera trained Terry Horn; Steven Wood, who has performed with several Temptations artists; Michael White, a 1990’s Pop Artist with a flair for Motown and Greg Woods, formerly of Frankie Lyman’s Teenagers. Can’t Get Next to You brings their artistry to life, with these classic songs we all know and love. Come see why the Temptations were ranked 68 on Rolling Stone’s list of the 100th Greatest Artists of All Time. Showtime is Saturday, January 7th, 2023 at 8:00 p.m. Ticketmaster is the only official ticketing service of the Aventura Arts & Cultural Center. You can buy tickets online at: https://www.aventuracenter.org/ By phone at: (877) 311-7469. Or: (954) 462-0222. Or in person at the Aventura Arts & Cultural Center Box Office Tuesday through Saturday from 12:00 p.m. noon to 5:00 p.m. and 90 minutes prior to each performance. For Group Sales, please call: (954) 660-6307. The Aventura Arts & Cultural Center is located at 3385 Northeast 188th Street, Aventura, Florida 33180. < Previous News Next News >

The Best Month To Ride Your Bike Aventura, But Be Safe Aventura Digest May 9, 2025 May Marks National Bike Month, A Time To Celebrate The Joys Of Cycling, Promote Its Environmental Benefits And Encourage More People To Ride On Two Wheels. AAA – The Auto Club Group Is Using This As A Reminder To Emphasize The Importance Of Safety For Both Cyclists And Motorists. “Whether riding for sport, leisure, recreation, or exercise, it’s important for cyclists and motorists to share the road,” said Mark Jenkins, Spokesman for AAA-The Auto Club Group. “Whether you are on two wheels or four, following safety guidelines can save lives and make our roads safer for everyone.” AAA’s Safety Tips for Bicyclists Wear a Helmet. Helmets, when worn properly, are up to 85 percent effective in protecting the head and brain in the event of a crash. Follow the Rules of the Road. Obey traffic signals, signs and lane markings. Ride on the right side of the road, never against traffic. Be Visible. Ride where drivers can see you. Do not ride on the sidewalk. Wear bright colors during the day, reflective gear in low light conditions and use head and tail lights at night. Make Safe Choices. Do not wear headphones while riding. Keep both hands on the handlebars, except when signaling. Keep both feet on pedals. Watch for Pedestrians. Pass pedestrians with care by first announcing “on your left” or “passing on your left” or use a bell. AAA’s Safety Tips for Motorists Stay Alert. Always scan ahead, center, left and right for bicyclists, especially at intersections and during turns. Give Space. Allow at least three feet of clearance when passing a bicyclist. Be Patient. Avoid honking or aggressive driving near cyclists. Remember, they have the same rights to the road as vehicles. Be Cautious near Children on bikes. They are often unsteady and unpredictable. Aventura Residents If you live in Aventura you are in luck, the Aventura BCycle is priced for quick rides, BCycle is the no-hassle, no-polluting, green transportation solution to parking fees and gas prices. As a member, you'll take any of the BCycles on an unlimited number of rides and all trips under 30 minutes are FREE! Additional usage fees apply to trips over 30-minutes. Simply return your bike to any station and check it back out to restart your 30-minute period. Day passes can also be purchased directly at a kiosk using a credit card and following the options on the screen. You can review the single ride and annual membership rates at: https://aventura.bcycle.com/top-nav-pages/rates-membership/rates2 BCycles can be returned to any station found here: https://aventura.bcycle.com/station-map The system hours for all locations are: 5:00 a.m. - 11:59 p.m.; you can check in a BCycle at any time. For more information about the Aventura BCycle program, call: 1 (888) 852-8665. Or email: bikeshare@cityofaventura.com . Previous Next

Artificial Affection? - Floridians Spend A Month A Year Chatting With AI Companions, Reveals Study. South Florida Sun Times Oct 8, 2025 Forget Swiping Right - Floridians Are Now Spending Their Free Time Whispering Sweet Nothings To Chatbots. What Started As A Quirky Novelty Has Ballooned Into A Full-Blown Cultural Experiment: AI Companions Have Become The Digital Equivalent Of That Friend Who Always Picks Up, Never Interrupts, And Occasionally Offers Surprisingly Sage Advice. A new survey from AllSafeIT, an IT support provider, of 3,012 respondents, reveals the extent of our new digital devotion. On average, Floridians now spend an extra 31 days a year online thanks to their new AI “friends.” That’s a significant amount of time gone not to TikTok binges or Netflix marathons, but to chatting with a computer. The state-by-state split is striking: South Dakota residents are clocking a staggering 53 extra days per year with chatbots. That’s nearly two months of bonus digital companionship - clearly, the prairie winds aren’t the only thing whispering back. Vermont, by contrast, barely flirts with the trend. Vermonters average just five additional days a year, suggesting they still prefer maple syrup over machine learning for comfort. App or Friend? When asked to define their relationship with a chatbot, Floridians leaned more pragmatic than poetic: • 63% said it felt closer to using an app. • 37% said it was closer to talking with a friend. But the depth of that “friendship” quickly shows when you dig deeper. Almost a quarter of respondents said they would miss their favorite chatbot “quite a lot” or “a great deal” if it vanished tomorrow. Secrets, Trust, and Digital Confessions Four in ten Floridians say they would rather confess a secret to a chatbot than to a priest or therapist. Around one-third admit to telling their AI something they would never tell a partner, parent, or best friend. Some even let their guard down completely - 30% say they’ve uttered “I love you” to their chatbot, even if only half-joking. That mix of levity and honesty shows just how much emotional space these tools are occupying. And yet trust has limits. Only 14% said they completely trust a chatbot with personal information, while more than a third flatly said “not at all.” The Quirks of Human-AI Friendship Not all the findings are heavy - some are just plain quirky: • Cancel plans for a bot chat? 22% would. • Worried about being judged? 30% say a chatbot’s opinion would sting more than a stranger’s. • Better advice than friends? 42% say yes. • Understood better than a partner? 18% sheepishly admitted it. And then there are the almost comic hypotheticals: one in four Floridians would be fine with a chatbot officiating a wedding, and more than a quarter would pay for a “premium friendship” tier. Even more astonishing, 26% said their AI companion is more valuable to them than Netflix or Spotify. “Technology has always blurred the line between tool and companion, but this survey shows just how far that line has shifted,” says Bones Ljeoma of AllSafeIT. “For some, AI chatbots are as valuable as caffeine - or more valuable than streaming services. That says a lot about where digital relationships are heading in the next decade.” For more information visit: https://www.allsafeit.com/blog/time-spent-talking-to-chatbots-2025-survey Previous Next

Icons & Rebels: The Masterworks Season Of Gershwin, Mozart & Other Greats Fri Aug 23 2024 16:09:00 GMT+0000 (Coordinated Universal Time)

"Funny Women Of A Certain Age" Fri Jan 26 2024 17:05:00 GMT+0000 (Coordinated Universal Time)

Old Lisbon Unveils New Aventura Location - A Generational Legacy Of Portuguese Culinary Tradition Aventura Digest December 18, 2024 Share Old Lisbon, Miami’s beloved destination for authentic Portuguese cuisine, proudly announces the opening of its newest location in Aventura. This 2,500 Square-Foot Restaurant elevates the dining experience, blending Portuguese tradition with modern elegance, while continuing the brand’s commitment to bringing the rich flavors of Portugal to South Florida. With a thoughtfully designed space that honors Portugal’s cultural heritage and a carefully curated menu, Old Lisbon Aventura sets a new standard for fine Portuguese dining. Old Lisbon’s story is as rich as its cuisine. When Founder Carlos Silva arrived in Miami from his native Portugal in 1991, his journey with Old Lisbon began in the most serendipitous of ways. Silva, eager to connect with his roots, stumbled upon a Portuguese restaurant preparing for its grand opening. Unable to contain his excitement, he knocked on the door and was greeted by the owner, who graciously offered a preview of the menu. Silva’s first meal—a perfectly Grilled Bacalhau paired with Vinho Verde—left a lasting impression. He became Old Lisbon’s very first customer, paying twenty dollars for a meal that would eventually shape his destiny. A few years later, Carlos Silva became the owner of Old Lisbon, transforming it into the iconic Portuguese fine dining restaurant chain it is today, with three prominent locations across South Florida. Now, the Aventura location marks the next chapter in this legacy as Silva's son, Carlos Silva Jr., takes the reins to lead this newest expansion. Carlos Jr.’s involvement marks the beginning of a new era for Old Lisbon, ensuring that the family’s passion for Portuguese cuisine continues to thrive for generations to come. “We’ve been honored to serve the South Florida community for over three decades,” said Carlos Silva. “With my son, Carlos Jr., taking on the Aventura location, it’s a proud moment to see this legacy grow into a true family business, ensuring the future of Old Lisbon remains rooted in tradition but flourishes with new ideas.” Old Lisbon Aventura brings the heart of Portuguese cuisine to life with a menu that celebrates the best of both sea and land. Standout dishes include: Bolinhos de Bacalhau (Codfish Croquettes with Black-Eyed Peas), the Fiery Chouriço Assado (Flaming Portuguese Sausage), and the exquisite Polvo Grelhado ou Frito (Grilled or Lightly Fried Octopus seared in Garlic and Olive Oil). For Seafood lovers, dishes like Camarão Ao Alho ou com Molho Picante (Grilled Shrimp with Garlic or homemade spicy sauce) and Amêijoas à Bulhão Pato (Clams in a White Wine and Lime Consommé) offer a true taste of coastal Portugal. Hearty dishes such as the Bife à Old Lisbon (NY Strip Steak topped with a Fried Egg) and Carré de Cordeiro (Rack of Lamb with Broccolini and Punched Potatoes) reflect Portugal’s land-based culinary traditions. In addition to its core menu, the Aventura location offers a special lunch menu available from Monday through Friday, 12:00 p.m. to 2:00 p.m., featuring classics like Salada Portuguesa com Atum (Tuna Salad with Mixed Greens, Tomatoes, and Boiled Eggs) and Bacalhau à Gomes de Sá (Shredded Codfish with Onions, Boiled Eggs, and Potatoes). For a more relaxed dining experience, guests can indulge in Happy Hour, available Monday through Thursday from 4:00 p.m. to 6:00 p.m., featuring savory bites like Codfish Croquettes and Portuguese Sausage, paired with House Wines and Sangria specials. Guests can conclude their meal with traditional Portuguese desserts like Pasteis de Nata (Custard Tarts with Cinnamon) and the rich Delicia de Fátima (a custard-based dessert with cream and Maria cookies). Designed by architect Ricardo Azevedo., the new Aventura location marries modern elegance with timeless Portuguese aesthetics. The interior features hand-painted columns, a six-seat marble-topped bar, and an intimate dining room that seats 64 guests inside and 28 outside. The décor includes custom-made plateware, Portuguese chairs, and hand-painted mosaics, all imported from Portugal, adding to the authenticity of the experience. At the heart of the restaurant stands a 120-year-old olive tree, “Oliveira,” symbolizing the longevity and tradition that Old Lisbon represents. It greets diners as they walk in, reminding them of the deep-rooted history behind every dish. Complementing this environment is a specially curated music playlist, enhancing the dining experience with melodies that reflect the soul of Portugal. Additionally, wine lovers will be in paradise, the restaurant also boasts Florida’s most extensive selection of Portuguese Wines, offering guests an exceptional opportunity to savor the finest wines from Portugal's renowned vineyards. Each wine is carefully selected and stored in their floor to ceiling wine cellar. As Old Lisbon enters this new chapter, the Aventura location not only reflects the growth of the restaurant but also the continuation of a family legacy. With Carlos Silva Jr. taking the helm, the Silva family is ensuring that Old Lisbon remains a generational restaurant, preserving the authentic flavors of Portugal for years to come. Whether you’re seeking a quiet meal with family or a venue for special occasions, Old Lisbon Aventura offers an experience that blends tradition with modern sophistication. For reservations or more information about Old Lisbon Aventura, visit: https://oldlisbonrestaurants.com/aventura/. < Previous News Next News >

Dial Up Flavor with Summer Favorites Thu May 04 2023 16:05:00 GMT+0000 (Coordinated Universal Time)

Family Fun For Everyone: At The Aventura Arts & Cultural Center Thu Feb 16 2023 17:01:00 GMT+0000 (Coordinated Universal Time)