It certainly was one of the big real estate stories of 2012: rock-bottom rates that seemed to just keep getting lower and lower. SocketSite reports that Freddie Mac’s latest Primary Mortgage Market Survey finds that 30-year fixed rates hit an average of 3.34 percent last week as opposed to 3.91 percent a year ago.
Let’s put this into further perspective: That’s down from 3.35 percent at year-end 2012 and, according to SocketSite, within a few basis points of a record low. As for 15-year fixed rates, they hit an average of 2.64 percent last week. Try that on for size as opposed to 3.23 percent a year earlier and 2.65 percent at year-end 2012.
The numbers are telling us something: Rates are continuing to drop.
But can this continue? The answer is complex and yet somewhat simple. With quantitative easing set to continue into 2015, it’s likely that record rates will stay in effect for a while. But given market fluctuations, you may not always be able to count on these rates being current – and depending on your individual financial situation, you may not be able to qualify for the most primo rates.
Have questions? Get in touch.
Dreaming of San Francisco? Cece Blase offers local advice to San Francisco buyers, sellers and owners-- and feeds the dreams of those who wish they could live in Tony Bennett's 'City by the Bay.' Call 415-577-0809 or email cblase@paragon-re.com. www.ceceblase.com
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