Memphis Area Real Estate Welcomes ‘Lowest Ever’ Mortgage Rates

They were at it again last week—the party-poopers who wanted to quibble about what newspapers and broadcast media were proclaiming: a shattering of the record lows in mortgage interest rates. For Memphis area real estate followers, the argument missed what is most important: the bottom line that the rates being offered continue to create a heady environment for home buyers and sellers.

“Don’t Believe This Week’s Mortgage Rate News” headlined the Mortgage News Daily, which once again picked apart the underlying figures published by Freddy Mac. The government-sponsored entity had reported a mind-bending average rate on the 30-year mortgage of 2.80%! That, wrote Freddy, constituted “another record low…amid the release of new housing data reinforcing how the Federal Reserve’s move to make home loans more affordable is spurring growth in sales, prices, and construction nationwide.

Unlike the MND, The Washington Post had no qualms about echoing Freddy’s claims. It quoted Realtor.com’s senior economist, who admitted he had expected mortgage rates to rise last week. He wasn’t completely surprised because investors who were “looking for someplace to put their money” were targeting mortgage bonds. The result was “lower yields and lower interest rates.”

The MND grudgingly admitted that news outlets couldn’t be expected to rain on the good news parade. “After all,” it snarled, “who are they to question the mighty Freddie Mac?” MND’s problem was with a lag in the days included in their numbers. And actually, as far as Memphis area real estate followers are concerned, even the MND had to admit something far more important: the difference was “not by enough that any consumer would notice it on a mortgage rate quote…”

For Memphis area real estate purposes, the financial green light constituted by historically low rates continues for area home buyers and sellers. Which also continues to be a great reason to give me a call!

About Author
Tim OHare

Tim O'Hare has over 15 years experience working with executive leadership as a digital marketing and technology specialist. Tim relocated to Collierville, TN where he began his real estate career with a sphere of less than 10. In his first 18 months, he was Rookie of the Year at his brokerage and a member of the Multi Million Dollar Club. Tim realized the best way he could give back was to help others unlock their potential, so that they feel empowered to accomplish their personal and professional goals. His passion to learn, coach and give back to the community is what shapes him as a leader. He brings a strong competitive mindset and understands the commitment necessary to accomplish even the most audacious goals. Tim currently lives in Collierville with his wife Anna and 2 boys. He's a member of the Collierville Rotary and serves on the Board of Zoning Appeals for Collierville. Tim also sits on multiple committees at the Memphis Area Association of Realtors.

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