Interest Rates Jump to a 2 Year High

Interest rates

Hard to believe it was only 3 days ago that we reported how interest rates had jumped 24% after a 7 straight week run of increases. So far this week they have jumped another 8% up to an average overnight rate for a 30 year fixed rate of 4.58%. Keep in mind this rate is lower than what almost anyone will qualify for so if out shopping for a mortgage expect to pay more.

Rates have not been this high since July 10, 2011 and the wild ride to the upside continues. Back on May 5th if you qualified for a $450,000 mortgage that amount had gone to $407,000 as of last Sunday and as of this morning you now would qualify for $390,000.

No doubt the new reality will have a significant impact on our real estate market as we roll through the summer months…..


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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… 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 You can always pay more and receive less but that just would not make any sense. Would it?

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