Interest Rates Drop to Historic Lows

Largest One Week Drop in Rates in 10 Months

In a stunning drop, amidst news that America had lost their AAA bond rating interest rates last week took a monumental fall and are ever so close to reaching their lowest levels. As the world markets continue to be in turmoil, investors are flocking to United States Treasuries which has led to the huge drop. Watch these numbers closely as one would logically think that this downgrading of our debt would mean a significant increase in rates. There are historical numbers; like Japan in the early 1990’s where a downgrade actually lowered rates so it is certainly going to be a very interesting ride in the coming weeks.

This week the average overnight rate for a fixed 30 year mortgage as reported by fell to 4.31% down an amazing 20 basis points from the 4.51% we stood a week ago. The benchmark 15 year fixed rate also decreased by 16 basis points last week to 3.48% from 3.64% while the benchmark 5/1 adjustable rate mortgage dropped 12 basis points to 2.86% from 2.98% just seven days ago. Volatility is in the air again this week and it will be very interesting to see how the markets react with the debt downgrade grabbing the headlines.

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. Or at least that is what we thought. Instead our elected officials argued like school children, did nothing and decided the easiest thing to do was to ignore the problem, agree to more wild spending and move any consequences a little further out into the future. Hopefully these elected officials will soon see the need to seriously address the issue which will take a combination of both drastic cost cutting and an increase of revenue. It really is unbelievable and frustrating to watch and i keep hoping for a candidate with a strong business background to emerge for next years presidential election.
“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 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
561 308-0175


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Tom Priester

After spending years among the top individual performers at one of Palm Beach County’s largest and most successful real estate brokerages, Tom Priester knew there was another way to do real estate. A better way. Real estate services focused on the customer. Like the old days when the customer truly was #1. He tired of listening to why he should be going out to have his customers sign one sided buyers’ brokerage agreements. He tired of hearing how he should be selling customers why paying higher commissions, like 7% and 8%, was to their benefit. He tired of hearing how he should sell his clients on why they should be paying hundreds of dollars in additional “transaction fees”. The business had slid way too far from being focused on the customer. His customer. So he decided the time was right to be different… design. To start his own unique boutique real estate firm truly focused on his customers. They will now have access to a process focused on them. Only the best marketing techniques to sell their homes. No cutting corners. Commission structures based on his clients needs not his. Paradise Sharks was born out of Tom’s passion to return this business to the customer. Where it belongs. If you want a real estate experience that benefits you, just give Tom a call at 561 308-0175 or send him an e-mail at You can always pay more and receive less but that just would not make any sense. Would it?

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