Dec 21 2016 22475 1
Rising Mortgage rates catch home buyers and lenders off guard!
The New York Times reported a week or so ago that the rise in interest rates since it was announced that Donald Trump is our President Elect had caught many homebuyers and lendeds off guard.
A few months ago, one of my buyers was quoted a 3.8% interest rate; after the election, the same buyer was qouted a rate of 4,125%, and then the same night it went up to 4,25%, and then it went up again to 4,375. Whew!
Another one of my Arizona clients called me and said "How lucky him and his family where to luck in the rate on November 1st, 2016.
Since the election, interest rates have climbed about half a percentage point to 16 month hight, adding hundreds , sometimes thousands, of dollars to the buyers annual payment. For example: The annual cost of a $400,000 mortgage, for example, went up nearly $700.00 dollars,
If you or anyone you know looking to buy a home - reach out to me before the interest rates continue to climb. Let my team and I find you the dream home with the best possible terms on your home loan.
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