Rates up for the 3rd time in 4 weeks
After last weeks big drop things reversed course this week as it became clear that our politicians are nowhere near resolving the looming threat of a default by the United States. Investors are nervous, and who isn’t, with the opening of stock markets across the world a few hours away it should make for a very interesting week with some wild swings in rates and everything else.
This week the average overnight rate for a fixed 30 year mortgage as reported by Bankrate.com jumped to 4.53% up a full 5 basis points from the 4.48% we stood at a week ago. The benchmark 15 year fixed rate also increased by 3 basis points last week to 3.66% from 3.63% while the benchmark 5/1 adjustable rate mortgage bucked the trend and actually dropped 3 basis points to 3.02% from 3.05% just seven days ago. Volatility is in the air this week and it will be very interesting how the markets react to Washington’s inability to act.
It is time for America, and both our Republican and Democratic representatives to make a drastic change in our spending patterns and it appears the chickens have finally come home to roost. This fiscal responsibility is long overdue and the rest of the world is watching very closely as the next 9 days unfolds. It will be interesting to watch and be ready for some volatility in all of the markets in the coming weeks.
“Results Driven Real Estate” is dedicated to providing our readers the most timely information and analysis of the metrics affecting the real estate market. It is this passion for our business and our customers that makes dealing with us different; we care not about closing the deal but ensuring we are helping each client make the right decision based on their individual circumstances. Again, if you are going to borrow money to purchase your home NOW is the time and I beg you not too wait too long. If we can be of help in any way just give Tom a call at 561 308-0175 or send an e-mail to firstname.lastname@example.org and we are most happy to serve you in any way that we can.
Always at Your Service,
Tom Priester e-PRO
“Results Driven Real Estate”
Keller Williams Realty