Interest Rates Take a Rest


Interest Rates Stay Relatively Flat This Week




Interest rates increased last week for the third time in seven weeks and it was hardly a move at all. With the recent spike we have experienced many borrowers wonder if they may have missed their opportunity to snag the lowest rates in history. At this point I would not worry too much as they remain historically low and with continued volatility in the equity markets and world economies anything can happen.


As of this morning, the average overnight rate for a fixed 30 year mortgage as reported by Bankrate.com was at 4.18% up 1 basis point from where we stood one week ago. The benchmark 15 year fixed rate standard was at 3.47% unchanged from last weeks level while the benchmark 5/1 adjustable rate mortgage moved lower by 3 basis points to 3.03% from 3.06%. While nobody can say for sure that the lowest rates are behind us they did seem to bounce off the 4.0% support level so we will have to see what the future brings.

Many of my mortgage professionals have reported that refinancing activity has been very strong but calls for new loans have not been what anyone describes as robust. We still have every limited inventory in many housing categories in Palm Beach County which also is having a negative impact on sales. If the Feds’s interest in keeping rates low until more of the shadow inventory can be purchased by end users they might nudge the banks into releasing these properties a bit quicker as we need them to satisfy demand; especially homes in the $250,000 to $400,000 range.
 
“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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