After all the recent political haggling and the potential fallout from the last minute agreement regarding the debt ceiling, I was one of those that certianly was skeptical about the direction of interest rates. It looked as though they had no place to go but up. To my surprise, and I am sure to many others, the rates have not only stayed flat, they have continued to fall. Whether that leads to a rush on re-financing or new purchases, is not clear yet, but it certainly has not hurt that the rates are still at historic lows.
I was at the Signature Sotheby's company meeting yesterday and we heard from The Penny Hill Group regarding rates. The numbers I heard were astounishing. Here are the numbers for jumbo loans:
3 year arm was at 3.00 %
5 year arm was at 3.75%
30 year fixed was at 4.625%
Those are pretty amazing numbers!! I had heard recently that those same numbers were even lower last week. Conforming rates are even lower in some instances.
If you are even thinking about buying, now is a great opportunity! Prices are depressed, but may have it the bottom in Sarasota, and rates are attractive. Don't wait too long!! You will have missed the window of opportunity and will regret that you got caught on the upswing of rates and home prices.
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