30 Year Fixed Interest Rates Stay Below 4% for 4th Record Week
A very Happy New Year to everyone and may 2012 be a year full of blessings in your life. The old saying goes a diamond is a girls best friend but if that girl is out shopping for a new home or planning on refinancing her current home I do believe these low rates are actually a better friend. As we start off a new year with fewer homes to choose from and the prospect of higher prices better than we have seen in 6 years the current interest rate environment is a sure winner.
While we are still about a week away from finalizing our recap of 2011 and taking a detailed look at the year ahead I can tell you that one thing we are projecting is an increase in interest rates although we are still hopeful that these increases will not be anything dramatic.
As of yesterday morning, the average overnight rate for a fixed 30-year mortgage as reported by Bankrate.com was at 3.95% up 1 basis point from where we stood one week ago. The benchmark 15 year fixed rate standard was at 3.28% unchanged from last weeks level while the benchmark 5/1 adjustable rate mortgage bucked the trend and jumped 5 basis points to 2.89% from 2.84%. Very minor movement to the upside for the 2nd straight week but the fact that we held below 4% for 4 straight weeks is certainly significant. The real estate market in south Florida has not had a better starting position on January 1st for 6 years so this is a year to watch closely, very closely.
You will find it very easy to reach me at 561 308-0175 or via e-mail at firstname.lastname@example.org if there is anything that I can do to assist you with real estate questions that you may have. We are committed to bringing only the highest level of service to you, your family, friends and colleagues so if we can be of service in any way please do not hesitate to contact us at your convenience.
Tom Priester e-PRO
“Results Driven Real Estate”
Keller Williams Realty