Let me emphasize, this is not a political post.
The markets feel that President-elect Donald Trump is good for the economy. The better the economy is the higher the mortgage rates are. The worse the economy is the lower rates are. ( That was just the 33 words... ).
In recent weeks, a 30-year fixed rate has increased on average from 3.590% to 4.000%. As a result a buyer who qualified for a $1M home on Friday 11/4, lost about $40K in purchasing power. They now qualify for a $960K purchase price. Don't forget this affects people who are selling too!
If you are sitting on the fence, you are losing purchasing power quickly. Call or schedule an appointment with us TODAY so we can get you approved for financing and get you in your home before rates jump even higher (which they are expected to do)!
Attached is a graph and breakdown showing recent business days. If you are thinking of selling, remember that this also affects how much you can sell your home for.