It’s time to check in with a 30 year historical interest rates chart. Above is both a 30 year and 13 month chart, courtesy of Jennifer Burton of Windermere Mortgage. Interest rates are creeping up – this week Freddie Mac reports 30 year fixed rates are at 4.40% (last week they were at 4.32%). 15 year fixed rate mortgages are also up, coming in at 3.42% (last week they were at 3.32%). While there is upward movement, our current interest rates are well below the 30 year average of 7.503%.
Case-Shiller Index numbers were released this week. Nationally, the numbers are up 13.2% for the 20-city composite house price index for the 12-month period ending in January 2014. Locally, the Seattle area annual gain was only up 11.9%, a bit lower than the estimate offered by Matthew Gardner in his weekly economic and real estate forecast. It’s likely that our slim housing inventory is the biggest culprit in the Case-Shiller Index numbers for our local real estate market.
It will be interesting to follow happenings with real estate in the Greater Seattle area as we move into spring. What are you starting to see in your neighborhood? Please share in the comment section below.