Rates on the Rise

This week mortgage rates crested to their highest levels since Dec. 1, 2008.  This means that any of you that have been on the sidelines just lost 5% purchasing power.

Any home buyer that has been ”waiting ” on interest rates to drop further have made a poor decision.  Rates in the 4’s are gone, and now all we can do is sit back and watch to see how far they will go up and how quickly they will increase.

I urge any of you who still want to buy a home in this market to contact me about working with a lender who will lock your interest rate without a property.  It could save you thousands of dollars while you continue to look for that great deal!  I would also use this opportunity to make sure you have an updated approval letter.  Due to the recent rise in mortgage rates, many of you may no longer qualify for the amount indicated in your initial approval letter.