You know, one day we will look back and think, “why didn’t I care more when interest rates were so insanely low?!” I bet people who purchased in the 80’s who dealt with interest rates around 15% would appreciate our 3.84%! Rates on 30-year fixed-rate mortgages averaged 3.84 percent with an average 0.8 point for the week ending May 3, down from 3.88 percent last week and 4.71 percent a year ago, Freddie Mac said in releasing the results of its weekly Primary Mortgage Market Survey. That’s a new low in Freddie Mac records dating to 1971, breaking the old record of 3.87 percent set during the first three weeks of February.

For 15-year fixed-rate mortgages, rates averaged 3.07 percent with an average 0.7 point, down from 3.12 percent last week and 3.89 percent a year ago. That’s also a new low in records dating to 1991, breaking the previous record of 3.11 percent set just three weeks ago.

Rates on five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) loans averaged 2.85 percent with an average 0.7 point, unchanged from last week but down from 3.47 percent a year ago. Rates on five-year ARMs hit an all-time low in records dating to 2005 of 2.78 percent during the week ending April 19.

For one-year Treasury-indexed ARM loans, rates averaged 2.7 percent with an average 0.6 point, down from 2.74 percent last week and 3.14 percent a year ago.

Use my mortgage calculator to see what your mortgage payment would look like with an interest rate of 3.84%!

Sure that house is manageable but are you positive you will have the time to mow all that lawn?

I’ve noticed a trend the past year with my clients. Many of them are young single people purchasing their first home. I’m so impressed by the amount of twenty-somethings that are making their first purchase without the motivation of marriage and children. Decades ago, you would never see something like that happen. My how things change. But I digress, I had a point. Oh yea, so on top of being investment saavy, these clients of mine tend to want something smaller as opposed to something bigger. I hear a lot, “this may be too much house for me.” What? Too much house? I thought everyone wanted the biggest house they could afford!? Trends have changed. Many people now are opting for smaller more manageable homes versus the sprawling mc-mansions of yesteryear.

Salt and Straw (picture from Portland Monthly Magazine)

Woohoo! So glad to see 20 new locally owned businesses open their doors this past month. A few that I’m really excited for:

Salt and Straw: Portland’s farm to cone ice cream shop, as they call themselves. I like to think of myself as a ice cream expert if you will. It’s a bit of a problem actually but that’s another story. I’m excited to head down to Salt and Straw’s new location at 838 NW 23rd Ave and try out their yummy flavors!

Hogan’s Goat Pizza: This is a family owned pizza shop that is reopening it’s doors after closing it’s Pearl district location in 2003. Their new location is 5222 NE Sacramento St. Currently it’s just for takeout but that’s usually how I get my pizza so I’m excited to give this a try.