Rates are up!!! Is the proper response, oh no! or who cares?
Are rates having any effect, whatsoever, over purchases, or is just really nice to have a low payment?
I lived through 18, 19, 20% rates and we still had some sales, and we were very thankful, when the rates began going down. At that time we never believed rates would/could go back to single digits.
In my opinion, for what it's worth, the only thing that matters about the upturn in rates is
that they were lower 2 weeks ago!
shoulda locked, dam!
Here's some boring data for your consumption.
On a $100,000 mortgage the difference in payments between a rate of 4.25% and 4.5% is about $15 a month.
This can't be a deciding factor to purchase, or not to purchase, can it?
Okay, on the same mortgage the difference between 4.25% and 4.75% (a ha) is about $30 a month.
Told ya the data was kinda boring.
Is the increase really just a buy now rates are going up thing? To a certain degree
So, does it really matter?
To a certain degree yes, but possibly not really. I've got to tell you having been in the mortgage business for over 30 years it's really difficult to sound the alarm about rate increase when they're still under 5%. It's kinda a big
Nevertheless, rates have been increasing
get em while they're HOT!