Interest Rates Back Down to Near Record Levels

Rates down for the 1st time in three weeks






Three 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. Then for two weeks straight rates went up and it was great to see things reverse last week. Across the board rates were down significantly as we stay very close to the all time record lows we set three weeks ago.

This morning the average overnight rate for a fixed 30 year mortgage as reported by Bankrate.com was down 6 basis points to 4.26% from 4.32% where we stood a week ago. The benchmark 15 year fixed rate fell more significantly by 9 basis points last week to 3.39% from 3.48% while the benchmark 5/1 adjustable rate mortgage fell 12 basis points to 2.99% from 3.11% 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.

With still so much uncertainty in the economic arena the refinance boom seems to have leveled off while lenders work to close loans they have in processing. It even sounds like some of the rate increases we saw over the prior two weeks was mainly due to lenders raising their rates to slow down new applications. In other words business was too good. With a shortened week this week due to Labor Day it will once again br fun watching the action.
 
“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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