Here’s why staying informed about interest rates is so important.
I’ve been watching interest rates lately, and I hope you have as well. Interest rates have gone up a bit in the past few days, and this is affecting buyers and sellers. Today I’ll talk about why both buyers and sellers need to watch the interest rates.
If you have a pre-approval letter from a month ago, interest rates jumping up by 1% knocks out about 10% of your buying power. If you’re a buyer who hasn’t locked in a rate yet, stay in touch with your real estate professional and mortgage lender. They will advise you on the best time to lock in those rates. If interest rates go up and stay there for a while, that’ll force sellers to decrease market prices. It’s important to keep an eye on interest rates, so talk to a real estate professional to learn how you can take advantage of this market.
Click here to use my mortgage calculator. Just input your interest rate, property taxes, insurance, and home price. If you have any other questions, don’t hesitate to reach out to me. I’d love to hear from you and help with anything I can.