I’m almost still in shock that I am even writing this, but low and behold….Fixed Mortgage Rates are now back in the high 3’s. If anything most experts predicted the opposite, that mortgage rates would be in the high 4’s, like we saw last fall.
The stock market is taking it on the chin and something major has shifted in the global markets. However, it’s still relatively uncertain exactly what is causing this. Some of the market pro’s are calling it a perfect storm combination of QE 3 ending, Global Economic and Political Concerns, and the rising fears of Ebola.
Will mortgage rates keep moving down? Will they jerk back up? No one knows for sure, but we do know there is much greater volatility present, so we can expect sharp movements to continue.
In any event, for us folks that are in the real estate industry and/or individual homeowners, we will take it. These lower mortgage rates can save us tens of thousands of dollars in interest and that’s a great thing.
Please don’t hesitate to contact me should you have any questions or simply want to run the numbers!