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.
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Always at Your Service,
Tom Priester e-PRO
“Results Driven Real Estate”
Keller Williams Realty