30 Year Fixed Interest Rates Stay Below 4% for 6th Record Week
At the onset of a new year we are always filled with anticipation for an amazing market in the 12 months staring us in the face. As 2011 was a great year of recovery in some respects we did start seeing some weakness over the past quarter. I am just putting the finishing touches on my year end recap and look ahead to 2012 and am still full of optimism in what we will see this year. Over the past couple days I have completed my 2nd article on foreclosure levels that have jumped considerably to start the year and my 1st pending sale updates which were also very bearish. So it is nice to bring you some good news and that news is interest rates.
As of this morning, the average overnight rate for a fixed 30-year mortgage as reported by Bankrate.com is at 3.91% down 1 basis points from where we stood seven days ago. This was our second straight weekly drop and another brand new all time record low. The benchmark 15 year fixed rate standard was at 3.22% down 4 basis points from last weeks level while the benchmark 5/1 adjustable rate mortgage stayed flat at 2.87% the same level we were at last week. The fact that rates have held below 4% now for 6 weeks tells me we could go lower which is really amazing. It also means that the market dies not see any real strength in the overall economy rebounding which of course is going to be another poor sign moving forward.
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Tom Priester e-PRO
“Results Driven Real Estate”
Keller Williams Realty