Buyers - What are you waiting for?
Take advantage of low interest rates while you can!
According to the latest posting from FloridaRealtors.org, for the third straight week, average long-term U.S mortgage rates fell as a result of the global stock market taking a beating with falling oil prices and the fret over economic growth. Freddie Mac announced Thursday that the average rate for a 30-year fixed-rate mortgage declined to 3.81% from the previous week at 3.92%; lowest level in 3 months!
Average rate on a 15-year fixed-rate mortgage dropped to 3.10% from 3.19%.
So whats causing this?
In a Nut shell: The rollercoaster ride of stock markets from around the world has investors seeking safety in bonds, resulting in elevated prices of U.S. government bonds. As a result, yields on bonds have depressed which directly effects mortgage rates.
If you're in the market to purchase a home, you've probably been focusing in on the threat, or promise, of increasing interest rates. While stocks are down, you still can lock in a great interest rate on a mortgage. Bankrate.com did a poll this week in which 50% of mortgage experts predict interest rates will fall even further over the short term. Only 20% force a rise in rates, while 30% expect little to no change.
Buyers - Take advantage of these rates while you can.
Call me today and lets get you started in the process of purchasing a home.