Interest Rates Up for the 1st Time in 6 Weeks; but it was a Very Minor Move

Interest rates increased last week for the first time in 6 weeks but the increase was very minimal and keeps us near 6 month lows for 30 year fixed mortgages. Rates still remain very low and the market remains perfect for buyers and those who still have not taken this historical opportunity to refinance. As of Sunday the average overnight rate, as reported by Bankrate.com, for a 30 year fixed rate sits at 4.60% up 1 basis point from the 4.59% we were at last  week. Remember this is the average overnight rate and those with good credit will still be able to lock in rates below these averages. The overall sentiment is for rates to be increasing but to date the Fed has done an amazing job of keeping these rates at historical low levels.

The benchmark 15 year fixed rate also increased by 2 basis points last week to 3.82% from 3.8% while the benchmark 5/1 adjustable rate mortgage stayed flat at 3.15% on both reports. 

Experts remain stedfast that we should expect to see rates bump up from these levels, especially after 5 straight weeks of decreases and this week’s minimal move to the upside. Many, including myself, are surprised to see the recent improvement in borrowing costs and it looks to be a perfect time to lock in long term money whether you are buying or refinancing.

We take great pride here at “Results Driven Real Estate” in providing our clients the very highest level of service available in the industry. If we can be of assistance in any way with questions you may have about your real estate goals please feel free to contact me at your convenience for a complimentary consultation.

Always at Your Service,

Tom Priester  e-PRO

“Results Driven Real Estate”

Keller Williams Realty

561 308-0175

tom@tompriester.com