(Yawn). There is something to be said for relaxation, for
sure. In todayâ€™s fast-paced world, allowing yourself some low-key
moments is important. Itâ€™s stress-reducing. Health-promoting.
thereâ€™s a time and place for everything, and whenever I set out to share
the latest real estate news, my hope is to be able to offer new
information that is more than just informative â€“ it should be
(Stretch; yawn). Even exciting.
However, sometimes it turns out that, in the interest of accuracy, that
just isnâ€™t possible. This month, for instance.
Itâ€™s time to share the late-breaking October news on mortgage interest rates, and although it actually is record-breaking (stifled yawn),
somehow itâ€™s hard to get awfully worked up about it. So much so that I
considered just reprinting the Associated Press account â€“ the one that
recounted Freddie Macâ€™s latest rundown on current mortgage interest
rates. But I almost dozed off just trying to wade through it.
letâ€™s get ourselves a cup of java, then try to get through this
snoozer. Since mortgage interest rates affect every Brooklyn homeowner
(and future Brooklyn homeowner) one way or another, we really need to
stay informed about them. So here goes:
For the umpteenth time, the average rates on fixed mortgages nationwide fell to an all-time record low.
And how about those baseball playoffs, eh?
Rates on 30-year loans dropped to 3.36%, down from the previous record we hit the (yawn) previous week, and â€œis the lowest since long-term mortgages began in the 1950s.â€
And, um, 15-year fixed dipped to 2.69%, which is another record. Letâ€™s
see, what else: mortgage applications surged 16.6%, sales of both
previously occupied and newly built homes are up from last yearâ€¦etc.,
So the fact is, across the country, the rebound in just
about everything having to do with residential real estate -- mortgage
interest rates; home prices; buildersâ€™ confidence; most everything else
-- is building momentum. Just like last month. And the month beforeâ€¦
good that relaxation is healthy for everyone. This tediously good news
could get on the nerves, otherwise.Â It is true that if you are
considering refinancing, buying a second home, or trading up, itâ€™s not a
bad idea to keep an eye on mortgage rates and the rest of the local
market. And in case you have managed to keep your eyelids open at the
same time, and want to talk shop â€“ please do give me a call to discuss your plans.
When it comes to putting this boringly great news to work on your behalf, Iâ€™m definitely wide-awake!
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