Interest rates dropped slightly this week. It is estimated that it is due to the economic uncertainty that has continued to plague the market, according to Bankrate.com.
The average 30-year fixed mortgage rate went down to 4.94 percent this week. 15-year fixed rate mortgages were at 4.32 percent. 5-year adjustable-rate mortgages held at 3.99 percent.
According to Bankrate.com, the recent drop in rates suggests the financial market may have overreacted to the inflation fears that had originally pushed rates higher in late December.
Chief executive of LoanDepot.com (a direct mortgage lender in Irvine, Calif), Anthony Hsieh's predictions: "Unemployment is starting to stabilize. Housing is stabilizing, although there are still soft pockets. Stocks are up, and there are inflationary fears with energy prices going up, so directionally and logically, we're in for potentially higher interest rates."
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Natalie Flaming
Realtor - Broker Associate
The VIP Team
Metro First Realty
Direct: 405.412.5452
www.TheVIPofOKC.com
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