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 Berkshire homeowner (and future Berkshire 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 Red Soxs, 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 Berkshire market. And in case you have managed to keep your eyelids open at the same time, and want to talk shop – please do give us a call to discuss your plans.
When it comes to putting this boringly great news to work on your behalf, we are definitely wide-awake!