Ken's Korner, a video blog by Ken Pederson of Fairway Independent Mortgage, talks about mortgage and real estate industry issues, mortgage rate trends, self-improvement and goal setting for real estate agents and more. www.FairwayPA.com 717-431-9299
Good Morning and Happy Friday!! We all know mortgage rates have bumped up a good bit since the turn of the new year. So what is the impact on your buyers. Here is what we're seeing and hearing today, much different from just a few months ago. More and more buyers are asking about and now paying "discount points" to buy down the rate. More buyers are asking about ARM's. As far as I know, all of our PreApproved clients are still looking. Nobody has moved to the sideline. Conventional and JUMBO ARM's will become more common. First Time Home Buyer Tax Credits are even more valuable today than compared to yesterday, with the new Tax Reform.
The beauty of rising rates is this. It does push some buyers and sellers off the fence. Sellers too recognize what is happening and I believe we'll feel a nice surge of new listings very soon... Opening the doors for more buyers and the market as a whole. Higher rates... we've seen them before, we'll see higher in the future. Higher rates will impact payments and how much one can buy, however, they do not impact most buyers goal of buying their dream.
To Your Success,
Ken and Your Home Buying Team at FAIRWAY
Ken's Korner... Your source for news, tips, motivation and inspiration.