Rising Interest Rates Explained In Just 33 Words
Let me emphasize, this is not a political post.
The markets feel that President-Elect Donald Trump is a positive for the economy. The better the economy is the higher mortgage rates are. The worse the economy is the lower rates are. (That was just the 33 words…).
Over the past 8 business days a 30-yr fixed rate has increased on average from 3.590% to 4.000%. As a result a buyer who qualified for a $1M home on Friday 11/04 lost about $40k in their purchase power. They now qualify for a $960k purchase price. Don't forget this effects people selling too.
If you're sitting on the fence, you're losing purchasing power quickly. Call or schedule an appointment with us TODAY so we can get you approved for financing and in your home before the rates jump even higher (which they are expected to do)!
Attached is a graph and breakdown of the rates over the past 6 business days. If you are thinking of selling, remember that this also effects how much you can sell your home for.
The market is changing rapidly. Who do you know that could use our help today to sell or buy a home?