Profile picture for CubsfaninWA

What about an the increase of interest rates

So now interest rates are tending up, so what does that mean to the housing market? 
  • January 23 2009 - Spanaway
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Answers (6)

I'm apply for refinancing about 3 weeks ago, 4.5%, 15 years term.
The loan officer tell to me 4.75%, 30 years term at the time.
I check on Citimortgage.com every day, when i see the trend down, i check every 2 hours
  • January 23 2009
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Profile picture for chenworthandsons
by the way, what happened to the 4.5% rate??? I never saw it.
  • January 23 2009
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When i bought my house at Jan. 1999, the interest rate is 6.125
to Dec. 1999 , the interest rate is 7.25, My house's value still go up 10%
  • January 23 2009
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Profile picture for daveskow

rates move daily ( obviously)......present  trend is indeed up  ...but the rates are still very low ( historically speaking ) ...if rates remain under 6% I do not see this being a huge impediment to home buyers  plans .....the more major issues  I see are  job stability  in affecting  decisons to purchase ......it really is a combination of many factors

  • January 23 2009
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Profile picture for CubsfaninWA
Doesn't an increase in interest rate result in a reduction of purchasing power?  So if rates continue up and price go down what will that effect have on houses and the values of homes?
  • January 23 2009
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This market has not been effected so much by the interest rate as it has been in the past.  It is a function of concern about jobs and buyers think the values may go down a little more.  There is a large number of buyers out there waiting to buy, but are waiting for other reasons besides interest rates.  As long as interest rates are around where they are it is not going to effect market one way or another.  People are looking for 4.5% but not sure that will have any effect until the prospective buyers feel comfortable.
  • January 23 2009
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