Would you pay 18% to buy a home?
I almost have to chuckle when I see the Headline of: "Mortgage Rates rise to 3.62%" Oh, no, that high?! How about paying 18% in the early 80's?! It's almost impossible to comprehend such a high rate which is why seeing our current August 17, 2012 rates being reported as rising, it's as if, you're being given money for free to buy a home when you compare it to the early 80's.
Think about it ... 3.62% or 18%. No wonder sales have been increasing. Now we just need more homeowners to list their homes for sale - Are you selling your home? With, these rates, you should have Buyers lined up at the front door!
This reported rate increase is the third week of mortgage rate increases yet we're still at record lows. The low rates have obviously been a huge factor in sales increasing to assist in seeing some Real Estate Market recovery. However, these lower rates only keep the market from crashing into deeper depths. Much progress is still needed.
This is just a reminder to be thankful for these low rates even when you hear reports of rates rising.
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- Topic: ActiveRain Community