Interest Rates Down for the 5th Week in a Row
Interest rates decreased last week for the 5th week in a row and brings us a new 24 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 5 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 refinance. As of today the average overnight rate, as reported by Bankrate.com, for a 30 year fixed rate sits at 4.59% down 3 basis points from the 4.62% 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 5 basis points last week to 3.8% from 3.85% while the benchmark 5/1 adjustable rate mortgage also made a move to the downside to 3.15% from 3.18% the previous week.
Experts remain stedfast that we should expect to see rates bump up from these levels, especially after 5 straight weeks of decreases. Many, including myself, are surprised to see the recent improvement in borrowing costs and it looks to be a perfect time to lock in long term money whether you are buying or refinancing.
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