Interest Rates Hit Another Record Low Solidly Below 4%

Another Record Low for Interest Rates

Interest rates fell again last week and after their fourth decline in five weeks we find ourselves once again breaking new ground to all time record lows. Friday we had positive news announced in the employment numbers which should put a little upward pressure on rates this week. But should and will are two different things so we will watch and see what happens. These rates will not be here forever but certainly they will not jump dramatically overnight and together with prices that appear to have bottomed in many market segments make it the perfect storm for those who qualify to purchase a home. If you can find a home where you will be happy for 10 to 15 years and lock in a fixed rate a smile will be on your face for many, many years.

As of this morning, the average overnight rate for a fixed 30-year mortgage as reported by Bankrate.com is at 3.84% down 4 basis points from where we stood seven days ago. This marked the 10th week out of the past 14 where rates have either dropped or stayed flat and yet another brand new all time record low. The benchmark 15 year fixed rate was at 3.18% also down 4 basis points from last weeks level while the benchmark 5/1 adjustable rate mortgage dropped 2 basis points to 2.85% from 2.87% where they stood 7 days ago. I shake my head every time I think about when I purchased my first home and rates were 18%. We have been spoiled by an interest rate environment that is truly amazing but again will not be here forever.

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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