Interest Rates Continue to Decline
In our weekly sales meeting today, one of the main topics was interest rates and mortgages. Why? Interest rates have declined for five weeks in a row now.
Most of us were expecting rates to continue to increase. Our in-house mortgage broker had predicted the 30-year fixed would be at 7% by year end; now he’s not so sure.
Lots has been written about the number of interest-only or negative amortization loans used to finance real estate purchases in Marin County over the last two years. But here’s an interesting fact: Adam’s most popular product right now, for new mortgages and refinance packages is….a traditional 30 year fixed mortgage. He’s been able to write them at 6.5% for people with good credit.
By historical standards, still a great rate.
