Interest Rates up Slightly but Still Looking Mighty Fine

By
Real Estate Broker/Owner with Paradise Sharks BK3087579


Interest Rates Continue to Make Me Smile





 And why not as even though we had rates make their largest jump to the upside that we have seen in almost 3 months it was still only a tiny move. Rates are still at historically low levels and I cannot say this often or loud enough “If you are looking for a home, find one that you can stay happy in for at least 15 years, lock in these incredible rates and hold on for a long and happy ride because rates will be heading up!” As of today, the average overnight rate, as reported by Bankrate.com, for a 30 year fixed rate sits at 4.49% up 3 basis points from where we sat last week at 4.46%. While one never really knows what the future might bring the odds are very, very, very good that we will never see rates this low again, at least in my lifetime.

 

The benchmark 15 year fixed rate also increased slightly by 1 basis point last week to 3.65% from 3.64% while the benchmark 5/1 adjustable rate mortgage moved up to 3.04% from 3.03% just seven days ago.

 

Rates this week went up as many investors seemed to have some renewed confidence in the economy and returned to the equity markets. Even with some signs that the economy may not be as strong as we all would like to see there was movement of funds from bonds into stocks which put pressure on interest rates.

“Results Driven Real Estate” is dedicated to providing our readers the most timely information and analysis of the metrics affecting the real estate market. It is this passion for our business and our customers that makes dealing with us different; we care not about closing the deal but ensuring we are helping each client make the right decision based on their individual circumstances. If we can be of help in any way just give Tom a call at 561 308-0175 or send an e-mail totom@tompriester.com and we are most happy to serve you in any way that we can.

 

Always at Your Service,

 

 

Tom Priester  e-PRO

“Results Driven Real Estate”

 

Keller Williams Realty

561 308-0175

tom@tompriester.com

 

Comments (3)

Phil Leng
Retired - Kirkland, WA
Phil Leng - Retired

Hi Tom,

The big picture for rates is great.

Even the media is saying this is now a great time to buy.

There is serious pressure on rates to go up.

Thanks for the post

Phil

Jun 19, 2011 01:10 AM
Bill Foxworthy, Jill Turner
Carpenter Northeast - Indianapolis, IN
Real Estate - Indianapolis, Fishers, Carmel

Tom

 

Thanks for the update on interest rates.

It helps to see the graph.

 

Bill

Jun 19, 2011 01:36 AM
Alan Gross
PrimeLending, A PlainsCapital Company, Equal Housing Lender - Bethesda, MD
Loan Consultant

We have the perfect storm for buying a home, low prices and low interest rates. If you are thinking of buying a home it's time to get off the fence.

Jun 19, 2011 01:57 AM