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 email@example.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.
Tom Priester e-PRO
“Results Driven Real Estate”
Keller Williams Realty