Interest rates will affect our market but not as soon as you might think.
Interest rates are going up, so what will that do to our market?
Historically speaking, the market does not immediately soften when rates rise. In fact, we see a rush of buyers who fear that they may be priced out of the market.
The Federal Reserve has indicated that they plan to raise short-term rates, which will indirectly impact the mortgage bond market. Because of that, we’ll likely see higher mortgage rates throughout the year.
If you’re thinking about buying or refinancing this year, I would do it sooner rather than later. Our market still has short supply and high demand.
If you have any questions, feel free to call or email me. I look forward to hearing from you.