Interest Rates Down for the 2nd Week in a Row

Interest rates decreased last week for the 2nd time in a row and brings us a new 5 week low for 30 year fixed mortgages. Rates still remain very low and the market remains perfect for buyers and those who still have not taken this historical opportunity to refinance. As of Sunday the average overnight rate, as reported by Bankrate.com, for a 30 year fixed rate sits at 4.78% down 7 basis points from the 4.85% we were at last  week. Remember this is the average overnight rate and those with good credit will still be able to lock in rates below these averages. The overall sentiment is for rates to be increasing but to date the Fed has done an amazing job of keeping these rates at historical low levels.

The benchmark 15 year fixed rate also decreased by 6 basis points last week to 4.00% from 4.06% while the benchmark 5/1 adjustable rate mortgage also made a move to the downside to 3.32% from 3.44% the previous week. 


Much of this weeks decrease can be tied to the improving job market where unemployment rates dropped in 34 states with 9 other states reporting no change. While news like this can help rates in the short term a when in practice a stronger job market reflects a stronger economy that could withstand higher rates. Of more concern is a warning by Standard & Poor’s about the potential of lowering the AAA rating of U.S. Treasuries.

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
561 308-0175
tom@tompriester.com

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Tom Priester

After spending years among the top individual performers at one of Palm Beach County’s largest and most successful real estate brokerages, Tom Priester knew there was another way to do real estate. A better way. Real estate services focused on the customer. Like the old days when the customer truly was #1. He tired of listening to why he should be going out to have his customers sign one sided buyers’ brokerage agreements. He tired of hearing how he should be selling customers why paying higher commissions, like 7% and 8%, was to their benefit. He tired of hearing how he should sell his clients on why they should be paying hundreds of dollars in additional “transaction fees”. The business had slid way too far from being focused on the customer. His customer. So he decided the time was right to be different…..by design. To start his own unique boutique real estate firm truly focused on his customers. They will now have access to a process focused on them. Only the best marketing techniques to sell their homes. No cutting corners. Commission structures based on his clients needs not his. Paradise Sharks was born out of Tom’s passion to return this business to the customer. Where it belongs. If you want a real estate experience that benefits you, just give Tom a call at 561 308-0175 or send him an e-mail at tom@paradisesharks.com. You can always pay more and receive less but that just would not make any sense. Would it?

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