A few weeks ago I wrote about mortgage rates asking which way would they go, following recent falls.
Well, since then at least, the answer to that question has been "even lower".
It's been reported this morning that we are seeing the lowest mortgage rates for five months, after they fell to a 2017 low at the end of last week.
According to reports today, the average 30 year fixed rate has now fallen below the 4% mark, something we haven't seen since last November, which you'll recall was the month when they started to go up, following the election result.
There are a few reasons why rates have been on a slide for the past month or so.
Mortgage rates generally fall when there is greater risk aversion among investors, who have recently been turning their attention away from stocks to safe-havens like bonds.
After all the post-election optimism, we are, of course, seeing some corrections, not least the international uncertainties following recent events in Syria and North Korea, plus some recent weaker economic data.
In truth, this is a situation we've seen playing out in favor of lower mortgage rates many times in recent years.
Just when they are expected to rise, something intervenes, often on the international stage, to sow uncertainty in the minds of investors and we once again enter an unanticipated period of lower home loan interest.
Of course it's very important to say that no-one knows how long the current downward spiral will last, if it will stall, or if rates will start to climb again.
For now, however, this is a fantastic scenario for home buyers, though it should be said that, even at the higher rates we saw post-election, they were still very low on any historic scale and seemingly did nothing to deter purchasing decisions.
For sellers, the timing of the drop is so perfect, heading into the busiest home buying months of the year. The already vibrant buyer sentiment we've been experiencing for some time can only take a further boost when borrowing is cheaper.
And my advice to buyers remains as before, in terms of dealing in the "now" and not waiting to see if rates can move even further south. That is a gamble and no-one can reliably tell you what is going to happen to rates moving forward. Just know that, right now, you can lock in an incredible rate for the life of the home loan.
As ever, please don't hesitate to reach out to us if you have any questions or concerns regarding real estate. We can also refer you to the best mortgage professionals in the area.