Just How Low Can Interest Rates Fall?


Rates Keep Dropping; 7 Straight Weeks Below 4%

Interest rates continue to move to new low ground and for the first time ever we start the week with the average overnight rate on a 30 year fixed mortgage below 3.9%. The Fed announced last week that they intended to keep rates at exceptionally low levels for a longer projected period now described as “out to late 2014”. With downward pressure continuing, borrowers waiting to close on a property need to carefully think if locking rates 30 days out is their best option.

As of this morning, the average overnight rate for a fixed 30-year mortgage as reported by Bankrate.com is at 3.89% down 3 basis points from where we stood seven days ago. This marked the 10th week out of the past 13 where rates have either dropped or stayed flat and yet 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 dropped 1 basis point to 2.88% from 2.88% where they stood 7 days ago. The fact that rates have held below 4% now for 7 weeks tells me we could go lower which is really amazing. Unfortunately the reason for these drops is teh continued outlook to anemic growth in the overall economy.

You will find it very easy to reach me at 561 308-0175 or via e-mail at tom@tompriester.com 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.

Cheers,

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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