Last week Lime Realty Group wrote a blog about the volatility in the market and how it impacted the mortgage rate. Today, we’d like to discuss it a little more and explain how it can affect you.
The rate today is 3.94%. The lowest the rate has been in the last 52 weeks is 3.90% and that low was reached last week during the crazy ups and downs. The highest the rate has been is 4.66%. This past week represents the first time in 16 months the rate has been under the 4. percentage mark.
Since last week, the rate has started to go up. Today it actually saw a .03% decrease. But it won’t stay in 3. territory for much longer.
All of the economic indicators have pointed towards the rate steadily increasing. And it’s remained true to predicted course for quite some time now. This fluctuation was unexpected and the swinging market could’ve just as easily hurt the rate rather than send it in a tailspin.
So what does this say to us and you? Well, it says now’s the time to buy, buy, buy and sell, sell, sell… For buyers, it’s imperative to lock this rate in while you can. And for the sellers, it means more buyers deciding to make a move and more demand for property.
If you’ve been sitting on the fence, now’s the time to act. Cause you can be sure, once this uncertainty passes, the rate will go right back into 4. territory and continue it’s upward climb to five.
Lime is the answer. Call us today!
