30 Year Fixed Interest Rates Stay Below 4% for 5th Record Week
Are we spoiled or what? Interest rates drop to yet another all time record low and nobody seems to notice. Big deal, rates on a 30 year fixed mortgage stay below the magic 4% threshold for a record 5 weeks. The Fed earlier this week made a rather big announcement that they will start this month to publish “policymakers forecasts” which will include when interest rates will rise. This is a move they hope will give the economic recovery more legs by providing better long term planning and many “experts” now do not predict the first Fed rate hike until 2014 at the earliest. All I know is nobody can tell you where rates will be next month, or nest year but certainly there is an environment where they could go lower than the ridiculously low rates we enjoy today. I also know if inflation rears it’s head rates will go up and if inflation goes up quickly so will rates so don’t take anything for granted.
As of last Sunday morning, the average overnight rate for a fixed 30-year mortgage as reported by Bankrate.com was at 3.92% down 3 basis points from where we stood the week before. The benchmark 15 year fixed rate standard was at 3.26% down 2 basis points from last weeks level while the benchmark 5/1 adjustable rate mortgage also dropped 2 basis points to 2.87% from 2.89%. Buyers and those who have higher current interest rates cannot go wrong at theses numbers and if they do drop lower they still have the ability to refinance. A win/win situation if I have ever seen one.
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
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