Rates drop over 10 basis points for the 3rd time in a month!
We began 2011 with a slight increase in the overnight rate on a 30 year fixed mortgage and since then it has been all downhill. As of this morning, the average overnight rate for a 30 year fixed rate sits at 4.76% down another 10 full basis points from where we were a week ago at 4.86%. This is the second significant weekly drop in a row bringing us back down from the 5.02% on January 2nd. Remember this is the average overnight rate and those with good credit will still be able to lock in rates below these averages.
The benchmark 15 year fixed rate also decreased last week to 4.06% from 4.15% while the benchmark 5/1 adjustable rate mortgage moved to the downside to 3.43% from 3.62% the previous week.
Most economists feel strongly that the Fed won’t be raising interest rates anytime soon and that is mainly due to the fact that while we are seeing some steady growth in the economy, unemployment has remained stubbornly high. It appears that most signs point to unemployment staying above 9% throughout much of the year.
We take great pride here at “Results Driven Real Estate” in providing our clients the very highest level of service available in the industry. If we can be of assistance in any way with questions you may have about your real estate goals please feel free to contact me at your convenience for a complimentary consultation.
Always at Your Service,
Tom Priester e-PRO
“Results Driven Real Estate”
Keller Williams Realty