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Election Day Impact on Mortgage Rates

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Election Day Impact on Mortgage Rates

If you or someone you know is looking to buy, sell or refinance their home, NOW is the perfect time!
WHY? Interest rates have risen .25-.5 percent (depending on your loan type). According to my mortgage professionals, a 30 year fixed $415k loan just raised for one of his clients from 3.5 to 3.89 overnight.
WHAT'S WORSE? According to Bankrate.com, rates are continuing on a steady rise. Although it may not seem like much, the price difference in that example above had a monthly payment increased of $74. If that played out for the entire 30 years, that's a total of $26,640 just from that small raise. Imagine a full percent rise?!
With housing prices expected to rise nearly 8% by this time next year, it is a great time to buy to lock in a great rate before rates go higher and prices go higher.
It's a great time to refinance and lock in the lower rate on your home.
It's a great time to sell because you have more qualified buyers that can purchase. As rates increase, the amount of qualified buyers will decrease.
Call, text or email me ASAP to discuss further and put your plans into action. Send a friend, family or co-worker my way and I'll be sure to provide the same quality service they deserve and will repay the favor.
Have a blessed day!