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 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