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Mortgage interest rates just went up above 5%. What effect do you think this will have in your mark

What do you see the market reaction to higher interest rates. Will they remain at this level in the spring? What's your thought.
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December 16 2010 - Avon Lake
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It's was bound to happen. It's a six month cycle. Since June the rates moved lower then spiked uo this Nov-Dec.  Look for rates to move lower in April.  Rates will continue to climb.  They will hit over 6.00%. Then drop to 5% again.

Look for a slow market.  Good deals on short sales.  Until jobs start coming back we will be in a cycle. 

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December 16 2010
Profile picture for the_country_hick
Higher interest rates cause lower prices. When interest rates get high enough and prices are much more affordable I will buy. Can we see 7% interest rates soon?
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December 16 2010
Keep in mind WE are the one's that know about upward market movement. Buyer's coming into the market today or next week etc. will learn what rates are, and won't likely be aware of what rates were back on November 8th. Even if they have some knowledge of yesterdays rates, it will likely motivate them more not to wait.
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December 16 2010

If the people make the decision to buy a homr they are going to buy a home.  Rates effect how much they buy but not if they buy.  Motivated is motivated!

The refi guys may be in trouble!

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December 16 2010

As for the purchase market, FHA and Conventional (for those with good credit) rates are still below 5%, not above. At least that's what we've got. However they are as close to 5% as they have been in about 7 or 8 months...

Sub 5% rates can't continue forever so we'll just be returning to normalcy once they do go back above 5% and I don't think it's going to do too much to my market because 5% is still a phenomenal interest rates and home prices here are not too high, so the increase in rates doesn't affect buyer's purchasing power as much as it does in higher priced markets.

Greg

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December 16 2010
Profile picture for shapiroamg
I dont have any current clients named Mark so I have no opinion on this.
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December 16 2010
 
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Mortgage interest rates just went up above 5%. What effect do you think this will have in your mark
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