Record-Breaking Interest Rates Cause for…Yawns?
(Yawn). There is something to be said for
relaxation, for sure. In today’s fast-paced world, allowing yourself some
low-key moments is important. It’s stress-reducing. Health-promoting.
But there’s a time and place for everything, and whenever
I set out to share the latest real estate news, my hope is to be able to offer
new information that is more than just informative – it should be fascinating,
too!
(Stretch; yawn). Even exciting. However, sometimes
it turns out that, in the interest of accuracy, that just isn’t possible. This
month, for instance.
It’s time to share the late-breaking
October news on mortgage interest rates, and
although it actually is record-breaking (stifled yawn),
somehow it’s hard to get awfully worked up about it. So much so that I
considered just reprinting the Associated Press account – the one that
recounted Freddie Mac’s latest rundown on current mortgage interest rates. But
I almost dozed off just trying to wade through it.
Anyway, let’s get ourselves a cup of java, then try to
get through this snoozer. Since mortgage interest rates affect every homeowner across the nation (and future homeowner) one way or another, we really
need to stay informed about them. So here goes:
For the umpteenth time, the average rates on fixed
mortgages nationwide fell to an all-time record low.
And how about those
baseball playoffs, eh?
Rates on 30-year loans dropped to 3.36%, down from the
previous record we hit the (yawn) previous week, and “is the lowest since
long-term mortgages began in the 1950s.” And, um, 15-year fixed dipped to
2.69%, which is another record. Let’s see, what else: mortgage applications
surged 16.6%, sales of both previously occupied and newly built homes are up
from last year…etc., etc., etc.
So the fact is, across the country, the rebound in just
about everything having to do with residential real estate -- mortgage interest
rates; home prices; builders’ confidence; most everything else -- is building
momentum. Just like last month. And the month before…
It’s good that relaxation is healthy for everyone. This
tediously good news could get on the nerves, otherwise. It is true that if you are considering
refinancing, buying a second home, or trading up, it’s not a bad idea to keep
an eye on mortgage rates and the rest of the
market. And in case you have managed to keep your eyelids open at the same
time, and want to talk shop – please do give me a call to discuss your plans.
When it comes to putting this boringly great news to work
on your behalf, I’m definitely wide-awake!
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