Interest Rates Down for the 3rd Week in a Row
Interest rates decreased last week for the 3rd week in a row and brings us a new 21 week low for 30 year fixed mortgages. This marked the 1st time since September 5th of last year that we have seen rates slide for 3 consecutive weeks. Rates still remain very low and the market remains perfect for buyers and those who still have not taken this historical opportunity to purchase or refinance. As of Sunday the average overnight rate, as reported by Bankrate.com, for a 30 year fixed rate sits at 4.72% down 6 basis points from the 4.78% 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 3.94% from 4.00% while the benchmark 5/1 adjustable rate mortgage also made a move to the downside to 3.24% from 3.32% the previous week.
Much of this weeks decrease can be tied to the announcement by the Fed that they will keep the key interest rate at historic lows just as most analysts had predicted. It seems like that tug of war between those who feel inflation will cause interest rates to go higher and those who think it will take a toll on the economy and potentially lower rates from these levels.
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