We have been really blessed to see some extremely low rates! The rates are still historically low. However, they seem to bee rising according to what I am seeing.
Here is the thing the buyers need to realize as I have been talking to a lot of buyers lately that seem to be looking for that great deal to their liking. And if they have not bought a house yet that means that great deal has not come up. However, saving an extra $10,000 on a house and having the rates go up 1/2 a percent just cancelled your savings. In fact over time you will pay more for the house because of the interest payments that just grew.
(Me beating the point across)
So buyers the question is:
Do you want the great interest rate and the lower long term costs? or Do you want the slightly better deal and the higher interest rate that costs you more in the long run?
Now that may seem like an easy answer because you may say, "Of course I would want to pay less over time! Come on Chuck thats smarter financially!"
Guess what a lot of buyers don't even realize the fact that the interests rates go up they just negate the good they were seeking by getting the slightly better price they think is out there.
Buyers!!! This is not the first time I have posted a rates warning. I had buyers get a 3.75% to 4.25% interest rates lately. This week the average rates were 4.62% according to this report:
Time to start bringing offers that sellers can work with instead of thinking about it!