We’re officially at the halfway point of 2010 and market activity continues to be a shaky albeit somewhat encouraging ride of sorts. The choice to buy Miami Beach condos in the current climate remains a decision that must be evaluated very carefully but if you’re considering it, some fairly recent news regarding mortgage rates may appeal to you.

Mortgage rates have dropped to their lowest numbers so far this year, tumbling from 4.84 percent for a thirty year fixed rate to a new 4.78 per Freddie Mac. These low rates haven’t been seen since December of last year when mortgages dipped to a record low of 4.17 percent. Even more surprising were fifteen year fixed rate mortgages which dipped to 4.21 percent, a number that hasn’t been seen in nearly two decades. If you’re interested in Miami Beach real estate, don’t spend too much time “on the fence” as experts say these rates may not be around very long.

It seems Floridians are responding as evidenced by a surge in applications to refinance last week, one of the highest levels seen since October of last year. Conversely, applications to purchase new property like Miami Beach condos dropped to levels not seen since April 1997 largely due to the expiration of the home buying tax credit.