Interest Rates Up Again on the Heels of Fed Announcement

Rates up for the second week in a row






Two weeks ago the Fed came out with a statement that they were going to keep interest rates low for at least the next two years. Since then the signs of inflation continue to show their ugly head; have you been to the grocery store lately? So what happens? Rates jumped for the second week in a row for the first time since the weeks of July 3rd and 10th. We have to go back to April to see the last time t happened prior to that. So even though the Fed wants to keep rates low there are other forces at work so do not count on rates at these levels for the next two years.

Last week the average overnight rate for a fixed 30 year mortgage as reported by Bankrate.com was up a significant 9 basis points to 4.32% from 4.21% we stood a week ago. The benchmark 15 year fixed rate bucked the trend and fell by 2 basis points last week to 3.48% from 3.50% while the benchmark 5/1 adjustable rate mortgage rose 10 basis points to 3.11% from 3.01% just seven days ago. Volatility is in the air again this week and it will be very interesting to see how the markets react to the latest economic news.
 
“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 tom@tompriester.com 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
tom@tompriester.com

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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…..by 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 tom@paradisesharks.com. You can always pay more and receive less but that just would not make any sense. Would it?

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