Interest Rates Down Again to Another New Low
The experts keep telling us to watch for higher interest rates and I think there is no doubt that at some point this picnic is going to end. But when is anyone’s guess so let’s enjoy this amazing opportunity every day that we have it on the table in front of us. Interest rates remain at historical lows and continue to amaze, down again this week for the sixth time in seven weeks and the one week they didn’t go down they were up a minuscule increase of 1 basis point. As of today the average overnight rate, as reported by Bankrate.com, for a 30 year fixed rate sits at 4.54% down 6 full basis points from where we sat last week at 4.60%. No doubt we are living through one of the best eras to borrow money that we have experienced in my lifetime.
The benchmark 15 year fixed rate also decreased by 4 basis points last week to 3.78% from 3.82% while the benchmark 5/1 adjustable rate mortgage dropped to 3.11% from 3.15% just seven days ago.
I can only recommend that if you have any thoughts of buying a home and borrowing money to do so that you take a hard and close look at the current interest rate environment. This truly may be a golden opportunity that may be gone in a blink of an eye. Unbelievably, when I purchased my first home back in the early 1980’s interest rates were at 18%; now talk about crazy!
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