Rates up for the 1st time in 5 weeks
Well they just couldn’t keep going down and we all know that. So rates jump a little last week big deal. Buyers and those looking to re-finance are in high clover. Hadn’t had the opportunity to use that one for a while so I had to look it up; high clover means to live carefree life of ease, comfort, or prosperity. Just what you might be doing a few years down the road by locking in long term money at 4% or perhaps even lower.
As of Sunday the average overnight rate for a fixed 30 year mortgage as reported by Bankrate.com was at 4.07% up 7 basis points from where we stood one the previous week. The benchmark 15 year fixed rate standard was at 3.36% up 3 basis points from last weeks level of 3.3% while the benchmark 5/1 adjustable rate mortgage jumped 8 basis points to 3.01% from 2.93%. 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.
But do not despair as the low interest boat hasn’t exactly pulled away from the dock. In fact today rates are down again so we will have to see what the rest of the week brings. Lots of news that will have an effect including manufacturing data out today, employment and jobless news hits the street at different times later in the week. Those reports will go a long way to see if investors put their money into equites which should be bearish for rates or flock for safety in Treasuries which will probably drive them lower. Either way you know we will be here to keep you up to date with the latest news affecting your south Florida real estate.
“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