There has been lots of hype over the last month or so of mortgage rates increasing. The media took this news and ran it for weeks instilling fear into many. I am pleased to report to you that after this initial HIKE of about a half percent, we’re now seeing many lenders adjust their rates DOWNWARDS a bit. I’ve yet to hear the media talk about this!
The most commonly asked question I get is “Carrie, what do you think is going to happen with interest rates?” Let’s look back 5 years ago, I was writing mortgages in and around the 3% range, today we’re still under 3%. 5 year ago Prime Rate was 3.00% and today it is 2.90%. Eventually the rates will rise, they have to, we’ve been low for a long time. My thought is all in moderation and nothing wild and crazy anytime soon. I always say, keep in mind a quarter percent is still an increase!
The second most asked question I get is “Carrie, is this a good time to invest in real estate?” My answer is YES, it is a buyer’s market and with rates STILL low, this is a great time all around!
If you’d like to chat more about your personal mortgage, I’d be delighted to explore your options!