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Mortgage Rates are at Historic Lows...But...
Mortgage Rates are at Historic Lows...But...
 
     As 'gurus' across the land prepare and release their forecast for 2017, one thing is near the top of all the mortgage forecasts - rates.
 
     Since the election of Donald Trump, rates have climbed and climbed substantially from the low-mid 3's to the low-mid 4's, the highest we've seen in a few years.  For home buyers, higher rates mean higher payments and reduced buying power.  For sellers, it means 'sell now' before the reduced buying power of buyers translates into lower offers and eventually, declining sales prices.  Sound a little doomy & gloomy?
 
     "Fear not!" say the gurus.  The best years they had in the mortgage business were when rates were at 6.875%!  They were doing plenty of loans when rates were above 10%!  In that case, we should all just relax, right?  See things as they are - all rainbows and sunshine!  Sure, we can do that, if we want to ignore facts.  
 
Fact #1: we are NOT in the market we were in during the "6.875% days"
 
     The last time the mortgage market had rates average 6.875% or higher for the year with less than a 1 point discount charge was ... more

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