Interest Rates drop for a third straight week!!
INTEREST RATES HAVE DROPPED FOR THE THIRD STRAIGHT WEEK!!
Just yesterday, some clients of mine locked in a 30 year fixed FHA rate at 4.5%!! That is the lowest I have seen since January and is close to the historical lows we experienced in November.
Here is a chart showing the recent interest rate trends since the beginning of 2010:
Most experts forecast rates to rise into the low 5% range by the end of the year and continue to rise in 2012. This could be the lowest rates will be from here on out. Remember, the definition of the market hitting rock bottom is a combination of both interest rates AND home prices, and we won't know when rock bottom happens, until months, if not years, AFTER it happens.
Here are some excerpts from different sources I check in with to get updates on financing and interest rates.
Here is a graph and commentary from Mike Osborn with Prime Lending:
How long rates will remain this low is anybody's guess. But this chart demonstrates just how historically low interest rates are. Look at where rates were in the early nineties - then look what happened!
We hope this chart provides food for thought for anyone wondering if now is a good time to get off the fence regarding a home purchase or refinance.
If you are considering buying or selling, don't hesitate to contact me for a free consultation.
Feel free to share this blog with your friends and family, regardless of where they live or their real estate plans.
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