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 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