1,555,100
I have been since December 2021, yes.
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Lyn Sims
Schaumburg, IL
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Olga Simoncelli
New Fairfield, CT
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Carla Freund
Raleigh, NC
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Brian England
Gilbert, AZ
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Ryan Huggins - Thousan...
Thousand Oaks, CA
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Anna "Banana" Kruchten
Phoenix, AZ
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Wanda Kubat-Nerdin - W...
St. George, UT
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John Juarez
Fremont, CA
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Thomas J. Nelson, REAL...
La Jolla, CA
5,117,178
I've been telling my clients for several years that interest rates were going to increase at some point in time.
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Joan Cox
Denver, CO
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Lyn Sims
Schaumburg, IL
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Olga Simoncelli
New Fairfield, CT
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Carla Freund
Raleigh, NC
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Brian England
Gilbert, AZ
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Wanda Kubat-Nerdin - W...
St. George, UT
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Kathleen Daniels, Prob...
San Jose, CA
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John Juarez
Fremont, CA
1,575,122
I am advising them to be prepared for a sight increase, but nothing major.
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Nancy Frimann
Gilroy, CA
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Kathleen Daniels, Prob...
San Jose, CA
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Joan Cox
Denver, CO
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Olga Simoncelli
New Fairfield, CT
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Carla Freund
Raleigh, NC
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Brian England
Gilbert, AZ
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Signature Homes & Estates
Gilroy, CA
1,326,624
Old news! We have known for quite some time that rates are going up. I tell buyers that acting now will save them money in regard to the amount of their monthly payment due to rising interest rates. Also, some will fall out of the market as the prices and rates go up and their ability to pay for the house that meets their desires falls by the wayside.
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Joan Cox
Denver, CO
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Lyn Sims
Schaumburg, IL
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Carla Freund
Raleigh, NC
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Brian England
Gilbert, AZ
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Anna "Banana" Kruchten
Phoenix, AZ
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Wanda Kubat-Nerdin - W...
St. George, UT
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Kathleen Daniels, Prob...
San Jose, CA
3,142,180
People will purchase when they are ready, despite interest rate hikes, in my opinion, Olga. My parents bought a home back in the 70's, the interest rate was 18%, the house doubled in value a year later, sold it and they made money.
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Kathleen Daniels, Prob...
San Jose, CA
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Lyn Sims
Schaumburg, IL
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Olga Simoncelli
New Fairfield, CT
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Carla Freund
Raleigh, NC
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Brian England
Gilbert, AZ
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Ryan Huggins - Thousan...
Thousand Oaks, CA
3,350,764
Olga, this discussion has been ongoing for some time now. We know that rates would not stay that low forever. Doubtful the rates will impact most buyers in my market.
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Nancy Frimann
Gilroy, CA
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Olga Simoncelli
New Fairfield, CT
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Carla Freund
Raleigh, NC
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Anna "Banana" Kruchten
Phoenix, AZ
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Wanda Kubat-Nerdin - W...
St. George, UT
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Kathleen Daniels, Prob...
San Jose, CA
1,507,073
They are well aware.
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Kathleen Daniels, Prob...
San Jose, CA
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Lyn Sims
Schaumburg, IL
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Olga Simoncelli
New Fairfield, CT
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Carla Freund
Raleigh, NC
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Brian England
Gilbert, AZ
5,246,568
Mortgage rates have been artificially low for so long people don't know what reality is! When rates were in the 6.75 to 8.0% range with 3 points up front housing demand was high and inflation cured over pricing. That said those with an adjustable rate should review their documents and consider refinancing for a fixed rate.
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Kathleen Daniels, Prob...
San Jose, CA
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Olga Simoncelli
New Fairfield, CT
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Carla Freund
Raleigh, NC
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Brian England
Gilbert, AZ
3,590,666
Since I've been in the business - absolutely. Up or down it's my job to keep them in the loop.
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Lyn Sims
Schaumburg, IL
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Olga Simoncelli
New Fairfield, CT
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Carla Freund
Raleigh, NC
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Brian England
Gilbert, AZ
4,968,122
Hope we do not see much of a hike but discussing it with them.
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Olga Simoncelli
New Fairfield, CT
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Carla Freund
Raleigh, NC
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Brian England
Gilbert, AZ
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Wanda Kubat-Nerdin - W...
St. George, UT
766,969
Not really, it's not the interest rate rise that will stop buyers it's the bidding wars.
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Olga Simoncelli
New Fairfield, CT
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Carla Freund
Raleigh, NC
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Wanda Kubat-Nerdin - W...
St. George, UT
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John Juarez
Fremont, CA
907,777
Yes I have. And, I work with wonderful mortgage partners who have these conversations with clients as well.
To be honest, these interest rates aren't bad. I'm sure most of us who comment on a regular basis remember interest rates much higher than anything people under the age of 35 have ever seen.
The people I'm concerned about are those who can't afford a house at all. Not only because of interest rates but the rising economy.
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Kathleen Daniels, Prob...
San Jose, CA
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Joan Cox
Denver, CO
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Olga Simoncelli
New Fairfield, CT
4,725,137
Of course, but if they are paying attention to the world around them they are already well aware it's coming. Rates have been so low for so very long.
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Kathleen Daniels, Prob...
San Jose, CA
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Olga Simoncelli
New Fairfield, CT
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Carla Freund
Raleigh, NC
6,426,255
I dont think that many will flinch at a half of a percentage point.
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Olga Simoncelli
New Fairfield, CT
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Carla Freund
Raleigh, NC
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Brian England
Gilbert, AZ
2,785,606
All this will do is spur activity to buy in a market where inventory is running low making what is available more costly. Entry level is rising, trade-up is halted, high-end is moving well, Condos are moving and median prices are climbing. What a fascinating market. You are either in it or out of it.
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Lyn Sims
Schaumburg, IL
1,525
341,400
Most of my business is located in areas that were previously redlined- so it now qualifies for CRA loans as a result. One bank is offering buyers 2.5% on a 30 year fixed rate (2.54 APR) with up to $7k in closing cost assistance for loans up to $750k. That said- about half of my deals involve all cash buyers.
An increase in the Fed Funds rate doesn't always translate to an increase on mortgage rates.
Generally speaking, those that are financing in Manhattan- it's a mix of fixed rate and ARM's..simply because the typical apartment is only held 5-7 years.
636,627
I pretty much have these discussions with clients & colleagues no less than 10 times per day. Bad news for the economy = good news for mortgage rates, while good news for the economy = bad news for mortgage rates. Inflation is on the rise, and inflation is the mortal enemy of mortgage rates. The Fed is a bit tardy on these rate hikes, but expect several in 2022.
3,416,038
Yes and just as scary gas hikes, inflation hikes, war and no help in site
1,078,551
NO NO NO - - stop it people! The FED FUNDS RATE is what is being hiked this month. This is a common misconception, but a HUGE misconception - it does NOT mean mortgage rates are going up.
Often, it has an opposite effect on mortgage rates, and mortgage rates go DOWN when the Fed rate goes UP --- this is because the Fed action tempers inflation, and also slows the economy - - this slowing of the economy often causes money to go from the stock market into the bond market, lowering mortgage rates in addition to the anti-inflation boost mortgage bonds get, too.
Welp, you've inspired a blog post ; )
381,787
I actually don't believe rates will go up as much as predicted by some. Inflation will stop it.
5,879,826
I have said the rates won't remain this low forever, but we don't know for sure when they will rise.
1,847,911
"prepare" = do they listen to the radio, TV, etc then they know it is coming.