About 2 months ago, we started warning our clients that rates were at an all-time low and wouldn’t stay that way much longer. From that advice, we got two very different types of reactions:
- Some buyers acted quickly on that advice and took advantage of rates in the mid 4% to lower 5% range.
-
Other home buyers told us they were waiting for rates to hit 4% and they would act then (against our advice, of course).
Since then, 30-yr fixed rates have jumped 1/2 to 3/4 of a percentage point, so the buyers who locked in their rates are feeling pretty good, and the ones who gambled are feeling a little ill.
Here’s my next bit of advice: if you’re one of the ones feeling a little ill, don’t mess around any more… get locked in now and get a house under contract. Two things are happening that should be plenty of motivation:
There’s actually a third factor at play also: Housing inventory levels in our market are decreasing at a rapid rate, which means that supply is down and demand is up.. any guess what that will do to your bargaining power?
About Ryan Hukill
You must be logged in to post a comment.