A Treasury Rally has pushed the 10 Year yield below 2.5% for the first time since July, according to the Wall Street Journal. More investors are shifting to the belief that the Fed will not taper their bond buying program this year and will likely put it off until some time in 2014. Mortgage rates are often correlated with this benchmark bond. In July the 30 year fixed rate jumped up to 4.75% and since then is has fallen to 4.0%.
Local Arlington real estate agent, Dan Lesniak, commented, “This current drop in the 30 year rate is an excellent opportunity for homebuyers in the greater DC area. For buyers in the greater DC area looking in the $500,000 range, this translates to a monthly savings of about $225, or roughly 10% of the financing costs.”
To learn more about the chance to take advantage of interest rates that are still near all time lows, contact the Orange Line Living experts at 571-969-7653 (SOLD).