It was 13.25%

By
Real Estate Agent with Atlanta Communities 303302

I read today that prognosticators are indicating interest rates may exceed 10% next year. I also read where those same folks are saying home values could decline 15% next year. The former is not great, but the latter could be very good for buyers. Not bad for sellers either since home values are up way over this 15% over the past 2 years.

As to the rates, I know, not great. Who wants to pay 10% on a mortgage? Well, my first mortgage was at 13.25%. If I wanted to buy a house, and I did, then that was the going rate. It eventually went to 13.75%, but for a number of years after that it declined and I was able to refinance 5 times. Eventually my rate dropped to 1.8%!

I guess what I am saying is that even if rates are not exactly where you want them to be, sometimes owning that special home is worth it. Also, rates tend to move around and you can always take advantage in any rate drops by refinancing.

Don't let uncertainty in the housing markets keep you from your ultimate goal of buying or selling a home next year.

Posted by

Peter den Boer, Associate Broker, Realtor

Atlanta Communities Real estate Brokerage

 

Ph. 770.713.1545

www.denboerhomes.com

 

I write about daily life as a Realtor in the Towne Lake Community in Woodstock Georgia.

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