Interest Rates Down Slightly; Remain Near Record All Time Lows
Rates down as are inventory levels and sales and overall the south Florida real estate market is doing quite well. In some segments buyers are lined up in multiple offer situations while in others little activity is putting continued pressure on pricing. Understanding the market you are buying into has never been more critical and interest rates play a huge role as they will not stay this low forever. Long term money borrowed today can have a huge impact on your future.
As of this morning, the average overnight rate for a fixed 30 year mortgage as reported by Bankrate.com was at 4.04% down 3 basis points from where we stood one week ago. The benchmark 15 year fixed rate standard was at 3.38% up 2 basis points from last weeks level of 3.36% while the benchmark 5/1 adjustable rate mortgage also moved higher by 1 basis point to 3.02% from 3.01%. With rates this low we still have buyers on the fence with many wondering after speaking with lenders why they aren’t quoting the lowest rates they keep hearing about.
With the Fed investing in longer term Treasuries rates continue to be under pressure but many potential buyers are still on the sidelines evidently not impressed by the lowest rates they have ever seen, and probably ever will see again. But can they go lower is the question on many buyers, and those contemplating another re-finance, minds. I quit guessing where rates might head from here and so far this deflationary mood is working but would likely vote to act here. I have heard 3.25% rates projected but would be very surprised to see that. Shocked no, very surprised yes. 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