Interest Rates and You

It has been a roller coaster with interest rates lately. What is the most recent information? Well rest easy for the moment. Interest rates dropped for the third straight week with the average 30 year fixed rate mortgage sitting right now at approximately 6.55% according to rates listed at Freddie Mac. Rates are now the lowest they have been since early Spring of this year. The recent Federal Reserve Board’s decision to pause in its hiking of interest rates contributed to the overall lowering of mortgage rates. What does this mean for you? As I noted on my last blog from July 30, you have a unique buying opportunity with current supply of homes outpacing demand. The lowering of rates has only increased this opportunity.

For those current homeowners with adjustable rate mortgages, refinancing into standard fixed rates loans is beginning to look more attractive based on the lower rates. Of course should you decide to do this, consult with your financial planner or loan officer to see if this is a good course of action for you.

In the meantime, if you are in the market to buy a home in Montclair, Brittany, Ashland, Aquia, Meadowbrook Woods, Augustine, or anywhere else in Prince William County, Stafford County or Fairfax County, give me a call! I would love to be your realtor!