Interest Rates Drop for 3rd Straight Week

Fed Slows Bond Purchases and Rates DROP!

Interest Rates

For almost 5 long years the Federal Reserve has been buying various debt of the United States; over 3 trillion dollars worth with the intent of keeping interest rates at artificially low levels. And it is a program that has work as designed as we saw average overnight rates on a 30 year fixed mortgage drop to new historic lows during this period. Rates hovered in the mid to high 3% levels for a long time before jumping about a point when the Fed announced their intent last year to taper back on their debt purchases.

After delays and other changes the Fed actually did start the tapering the first of the year with a pull back in monthly purchases from 85 billion to 75 trillion.

One would expect that pulling in the reins on a program designed to keep rates artificially low would cause rates to move higher but over the first three weeks of the reduced purchases rates have in fact been down each and every week. This week they dropped a rather significant 12 basis points to 4.42% and the lowest rates we have seen in 7 weeks.

Keep an eye on the money as nothing has more of an effect on the real estate market that interest rates and as the market has cooled it is nice to see rates behaving to our liking!


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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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