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2011-05-05 17:05:25
Interest Rates drop for a 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:

May 5, 2011 Interest Rates

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.

From MortgageMatch.com:

Good news for anyone purchasing their first home or looking to refinance. Mortgage rates fell for a third week, according to Freddie Mac’s Primary Mortgage Market Survey.

Freddie Mac said the typical rate for 30-year fixed-rate mortgages (FRMs) dropped 7 basis points from the previous week, when it was 4.78 percent, matching the yearly low of 4.71 percent.

This week 15-year fixed rates averaged 3.89 percent, down from last week’s 3.97 percent average, which is a new yearly low for the 15-year fixed.

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.

Interest Rate Trends

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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