Interest Rates Down for the 4th Week in a Row
Interest rates decreased last week for the 4th week in a row and brings us a new 23 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 4 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 4.62% down 10 basis points from the 4.72% 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 9 basis points last week to 3.85% from 3.94% while the benchmark 5/1 adjustable rate mortgage also made a move to the downside to 3.18% from 3.24% the previous week.
The death of Osama Bin Laden may have even had a positive impact on rates this week. Any unexpected event tends to have an impact and with Bin Laden finally being killed, security concerns about potential retaliation by terrorists were heightened. So go out and lock in your rates and tell your neighbors how you were able to profit from the death of this monster.
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