Fairfax Single Family Home Sold in 5 Days!
3702 UNIVERSITY DR, FAIRFAX, VA 22030
We were able to get this home listed with such beautiful pictures that sparked great interest. We had some very promising showings and were able to get the home under contract in less than 1 week! We are so excited for our sellers and want to thank our team for their hard work!
Beautiful completely renovated home on lovely lot in fantastic Fairfax City location! Bright open floor plan w/hdwds & crown molding thruout. LR w/picture window & wdburning FP, Updated kit w/SS appliances, brkfst bar opens to DR & leads to large sunrm. Expanded MBR w/sitting area & BA w/custom tile. Finished walk-up LL w/huge rec rm & bar. Fenced rear w/patio, shed. Mins to GMU, walk to Old Town!
3 .75% interest rate on 30 year fixed mortgage today!
This graph shows that the current rates quoted in the last couple of days re hitting the lowest point since June of 2013. We are hitting the lowest interest rates in a 16 month period!!
This is AWESOME news for buyers looking to close and owners looking to refinance. It is also great news for sellers because buyers should be more motivated to close.
There is talk about rates eventually being on the rise but many hope the Federal Reserve is very careful when and how they do this. The Federal Reserve puts out a financial summary 8 times a year. One was just released today which proves the economy is not quite ready for interest rates to start being raised. The summary is commonly referred to as the “Beige Book”.
The Federal Reserve website defines the beige book as:
“Summary of Commentary on Current Economic Conditions by Federal Reserve District
Commonly known as the Beige Book, this report is published eight times per year. Each Federal Reserve Bank gathers anecdotal information on current economic conditions in its District through reports from Bank and Branch directors and interviews with key business contacts, economists, market experts, and other sources. The Beige Book summarizes this information by District and sector. An overall summary of the twelve district reports is prepared by a designated Federal Reserve Bank on a rotating basis.”
Mortgage bond prices are selling off this afternoon following the Fed Beige Book.
The Fed release noted:
-Reports from the twelve Federal Reserve Districts generally described modest to moderate economic growth at a pace similar to that noted in the previous Beige Book.
-price pressures remained subdued
-Reports on residential construction and real estate activity were mixed
-In most Districts, banking conditions continued to improve relative to the previous Beige Book, with net increases in loan volumes reported in a number of Districts.
Although these findings show some improvement in the economy, many hope the lower interest rates stick around for awhile to help the economy get a solid growth before increases are seen.
If you live in the Northern Virginia area and have questions before you buy, sell or refinance, please give out team a call! We would love to help you sort through the information and be able to make a decision about what is best for your financial situation!