Mortgage rates nationwide dropped this week to their lowest point since January, according to mortgage giant Freddie Mac, indicating that buying South Florida homes might just be the best holiday gift, giving the term “home for the holidays” new meaning.

This was the third straight week of declines. Rates on 30-year mortgages peaked in July but have been declining in the months since.

The current rate on a 30-year, fixed rate mortgage averages 6.14 percent. That’s very close to the lowest level this year, which stood at 6.12 percent during the week of January 26. Experts at Freddie Mac have reported the rate of mortgage applications in November to be “healthy.”

The low mortgage rates, combined with motivated sellers, means that this is a good time to purchase homes in South Florida.

Many buyers have already taken advantage of low mortgage rates. Sales of existing homes in Broward County showed a 5 percent increase in October over sales for October of 2005.

With such an abundance of homes on the market, prices are taking a plunge and incentives are popping up everywhere. High end property purchasers for example, have the option of receiving bonuses that include boats and cars, cash and closing cost assistance, as well as first year tax and insurance costs paid.

As the competition among sellers including the many new and upcoming developments continues to arise. The anti has gone up, encourage sellers to bring out their homes and condos’ maximum appeal. Brand new condo towers compete by increasing the amount and quality of the world-class amenities they provide.

Residences for sale in Miami at The Executive Condo along Collins Avenue on Millionaires row start at $297,000. The Executive Condo offers ocean and Intracoastal views, valet parking, doorman, restaurant, and oceanfront pool. The condo community’s maintenance fee includes insurance, cable, common areas, garbage and trash removal, recreational facilities, and security.

Fort Lauderdale features many interesting offers as well. Rio Nuevo condos for example, features waterfront views and ocean access with no fixed bridges. The community of Rio Nuevo features a clubhouse, exercise room, several picnic areas, and a swimming pool. Condos for sale in Rio Nuevo start at approximately $299,000.

Further north, Boynton Beach, West Palm, Jupiter, and Singer Island are all offering waterfront living in state-of -the-art condo towers with many amenities we have rarely seen before. The 42-story Tiara Condo a staple of Singer Island’s waterfront skyline features a rotating bar and lounge on the last floor with sweeping views of the Singer Island Marina and the Atlantic Ocean. Condos for sale in the Tiara start at $240,000 for almost 1,200 hundred square feet of oceanfront real estate.

This makes it a great time to buy a home in South Florida. Many waterfront properties are on the market at reasonable prices and offer the best of South Florida’s laidback lifestyle.