Deja Vu - Interest Rates Set Another Brand New All Time Record Low

By
Real Estate Broker/Owner with Paradise Sharks BK3087579


30 Year Fixed Interest Rates Stay Below 4% for 6th Record Week

At the onset of a new year we are always filled with anticipation for an amazing market in the 12 months staring us in the face. As 2011 was a great year of recovery in some respects we did start seeing some weakness over the past quarter. I am just putting the finishing touches on my year end recap and look ahead to 2012 and am still full of optimism in what we will see this year. Over the past couple days I have completed my 2nd article on foreclosure levels that have jumped considerably to start the year and my 1st pending sale updates which were also very bearish. So it is nice to bring you some good news and that news is interest rates.




As of this morning, the average overnight rate for a fixed 30-year mortgage as reported by Bankrate.com is at 3.91% down 1 basis points from where we stood seven days ago. This was our second straight weekly drop and another brand new all time record low. The benchmark 15 year fixed rate standard was at 3.22% down 4 basis points from last weeks level while the benchmark 5/1 adjustable rate mortgage stayed flat at 2.87% the same level we were at last week. The fact that rates have held below 4% now for 6 weeks tells me we could go lower which is really amazing. It also means that the market dies not see any real strength in the overall economy rebounding which of course is going to be another poor sign moving forward.

 

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

tom@tompriester.com

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Rainmaker
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Edward & Celia Maddox
The Celtic Connection Realty - Queen Creek, AZ
EXPERIENCE & INTEGRITY - WE TAKE THE HIGH ROAD

As they say, how low can they go.  What bargain interest rates we now have.

Jan 15, 2012 03:05 AM #1
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Florida Tolbert Team Keller Williams Advantage
Keller Williams Advantage III Realty in Lake Nona - Orlando, FL
Keller Williams Land Luxury Division Specialist

Looks like all the pieces are in place for a great new cycle.  Inventory down, activity hugely increased, interest rates lowest, and I for one am so ready.

Jan 15, 2012 03:08 PM #2
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Tom Priester

Paradise Sharks
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