Tick Tock

What a ride it has been! Interest rates have been low for some time – to the point where people began to take them for granted – assuming that they will stay low. History would suggest otherwise. There are many factors that impact interest rates: the economy, secondary market, bond yields, stock market, consumer confidence, inflation and a few dozen other things. I think the tides and moon also impact rates somehow!

In my 39 years of lending, I have never seen the rates that we’ve had over the last couple years. 

I had a client recently who watched the interest rates and wanted to refi but kept waiting for them to go down – their waiting now has cost them a higher rate by over a half of a percent on the interest rate. 

Can rates go down? Sure and monkeys can fly. I just simply don’t trust the market. If you are thinking about refinancing, buying real estate, or needing a mortgage…

The interest rate has a significant impact on how much house one can buy and these great lower rates should not be taken for granted. Here is the impact of rates increasing with a payment of $1503.

For many borrowers, waiting could end up costing thousands of dollars in qualifying power if rates rise even one percent.

The economy is a wild card. Do your own due diligence and then call me, let’s run the numbers to see if buying or refinancing now makes sense.

EQUAL HOUSING LENDER. This information is not intended to be an indication of loan qualification, loan approval or commitment to lend. Loans are subject to credit and property approval. Other limitations apply. Rates, terms and availability of programs are subject to change without notice. State disclaimer:, LLC  NMLS ID 174457. Licensed by the OR Division of Finance and Corporate Securities, Mortgage Lending    ML-4972.| WA: Licensed by the WA State Department of Financial Institutions, Consumer Loan Company CL-174457. | ID | CA: Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act CRMLA 4131040.

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