If you have been putting off buying a home because of mortgage rates, we hear you. This hot topic is part of nearly every conversation we have these days, and for good reason. People grew accustomed to historically low rates during the pandemic, and now they are holding tight, afraid to let go of their 2%–3% mortgages. But here is something very important to remember: Those rates were a once-in-a-lifetime exception, not the rule. Welcome back to normal. You Do Not Need a 3% Rate, You Just Need the Right Game Plan Rates May Be Up, But Opportunities Are Everywhere
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Mortgage rates in the 6%–7% range may feel shocking compared to recent years, but if you zoom out and look at the big picture, they are perfectly normal. In fact, they are right in line with what we have seen for decades. Boomers remember paying 15%–18% in the 1980s, which puts today’s numbers in perspective!
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And while headlines love to shout about changes to the Fed’s interest rate, those short-term adjustments do not directly dictate mortgage rates. The mortgage market responds to the broader bond market, not every Fed announcement. Consequently, if you are waiting for a 3% mortgage rate to return, you probably need to shift your focus, because we are not likely to see those numbers again in our lifetime. Getting creative. Just because rates are higher than you hoped does not mean your dream of homeownership or moving up or downsizing is out of reach. As full-time agents, we work with smart lenders who know how to structure deals creatively. One of our buyers recently used a seller concession to reduce her mortgage rate. Instead of knocking $5,000 off the home price, the seller applied that amount toward her interest rate, dropping it to an incredible 5.375% on a 15-year loan. Real strategies (rate buydowns, seller-paid closing costs, and more) can make a huge difference. You just need someone who knows how to navigate today’s real estate market. If you are thinking about buying but feel stuck, let us help. With the right team, lender, and guidance, we can turn “wait and see” into “welcome home.”
Call us — we would love to explore what is possible for you.
–Dennis and Lisa Jones
7
Extraordinary Realtors
602-677-4130
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