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Take My Mortgage With Me????
Last year interest rates were falling, and all of us were celebrating!!! Woo Hoo!!! Buyers can lower the cost of homeownership, with the lower prices in most market places, low, low interest rates, wow, the time is now!!!
And, we all agree. Now the interest rates have fallen even lower, and the Fed may get involved with buying mortgage backed securities again, which will further lower interest rates, all good for home buyers!!!
Fast forward with me.... I think we can agree that the future will bring higher interest rates, right? And, with the governments spending, record deficits, we all know that someday we gonna pay, right? I suspect that interest rates will rise over time, 5 or 6 years from now my thinking is that interest rates for home loans will be higher than the long term averages, maybe even as high as 8%, 9% maybe more?
What happens to the resale market,when they think it's time to move up? Sell thier existing home and buy the next one? Now remember, interest rates are significantly higher in my future example, do you think the seller or potential seller may consider NOT selling because they will lose that 3.75% loan????
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