Oddly enough, long-term interest rates started the year just slightly higher than they were one year ago. We had a few periods during the course of last year where rates were slightly above 5% for a 30 year fixed. With the recent volatility in the stock market and analysts starting to predict a recession in the next couple of years, interest rates have come down significantly since October, when they last peaked.
We now stand in the mid 4% range for a 30 year fixed. Many predicted that inflationary pressures would present themselves with job growth as robust as it is. But that just has not occurred, which is another reason why interest rates remain low. In uncertain economic times, investors tend to sell stocks and buy bonds. This drives rates lower. Take advantage to make a move now or consolidate some of that pesky debt, you may have accumulated recently.
Happy House Hunting!