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How Rising Interest Rates Affect You

 
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Manage episode 328381205 series 2373929
Konten disediakan oleh Abel Tejeda. Semua konten podcast termasuk episode, grafik, dan deskripsi podcast diunggah dan disediakan langsung oleh Abel Tejeda atau mitra platform podcast mereka. Jika Anda yakin seseorang menggunakan karya berhak cipta Anda tanpa izin, Anda dapat mengikuti proses yang dijelaskan di sini https://id.player.fm/legal.
How will increasing interest rates impact the mortgage market? Most of you have heard that the Federal Reserve has increased interest rates and will continue to do so throughout the year. But what does it mean when the Fed raises rates? Today I’ll discuss what impacts we’ve observed. When interest rates increase, it doesn’t necessarily mean that there will be a direct impact on mortgage rates, which is a concern that many have in today’s market. It just means that the rate at which banks lend money to each other has increased. In this particular case, the Fed has been raising rates to slow down the economy. That trickles down into the mortgage industry. “Though rates aren’t in the twos and threes anymore, they’re still historically low.” Part of people’s shock comes from the fact that we’ve been used to rates being so slow. Though rates aren’t in the twos and threes anymore, they’re still historically low. Our rates are currently in the fours; the average mortgage interest rate is 6.5%. Back when I started working with loans in 1999, people were refinancing from 10% down to 6.5%. So what does this mean for you? Well, if you’re looking to lower your rate back down to 2% or 3%, it’s not going to happen in this market. Those times are long gone. Even still, you could use this time to refinance your loan to get rid of your mortgage insurance. Just because rates keep going up, that doesn’t mean your ship has sailed when it comes to homeownership—it is still a good time to buy a house. The alternative is to continue renting, and rent prices have been through the roof. Why pay someone else’s mortgage when you could be building your own equity and enjoying the tax deductions that come with homeownership? If you have any questions about buying a home in our current market, give me a call or send me an email. I’d love to speak with you.
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35 episode

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Seri yang sudah diarsipkan ("Feed tidak aktif" status)

When? This feed was archived on July 01, 2023 20:09 (9M ago). Last successful fetch was on May 13, 2022 19:44 (2y ago)

Why? Feed tidak aktif status. Server kami tidak mendapatkan feed podcast yang valid secara terus-menerus.

What now? You might be able to find a more up-to-date version using the search function. This series will no longer be checked for updates. If you believe this to be in error, please check if the publisher's feed link below is valid and contact support to request the feed be restored or if you have any other concerns about this.

Manage episode 328381205 series 2373929
Konten disediakan oleh Abel Tejeda. Semua konten podcast termasuk episode, grafik, dan deskripsi podcast diunggah dan disediakan langsung oleh Abel Tejeda atau mitra platform podcast mereka. Jika Anda yakin seseorang menggunakan karya berhak cipta Anda tanpa izin, Anda dapat mengikuti proses yang dijelaskan di sini https://id.player.fm/legal.
How will increasing interest rates impact the mortgage market? Most of you have heard that the Federal Reserve has increased interest rates and will continue to do so throughout the year. But what does it mean when the Fed raises rates? Today I’ll discuss what impacts we’ve observed. When interest rates increase, it doesn’t necessarily mean that there will be a direct impact on mortgage rates, which is a concern that many have in today’s market. It just means that the rate at which banks lend money to each other has increased. In this particular case, the Fed has been raising rates to slow down the economy. That trickles down into the mortgage industry. “Though rates aren’t in the twos and threes anymore, they’re still historically low.” Part of people’s shock comes from the fact that we’ve been used to rates being so slow. Though rates aren’t in the twos and threes anymore, they’re still historically low. Our rates are currently in the fours; the average mortgage interest rate is 6.5%. Back when I started working with loans in 1999, people were refinancing from 10% down to 6.5%. So what does this mean for you? Well, if you’re looking to lower your rate back down to 2% or 3%, it’s not going to happen in this market. Those times are long gone. Even still, you could use this time to refinance your loan to get rid of your mortgage insurance. Just because rates keep going up, that doesn’t mean your ship has sailed when it comes to homeownership—it is still a good time to buy a house. The alternative is to continue renting, and rent prices have been through the roof. Why pay someone else’s mortgage when you could be building your own equity and enjoying the tax deductions that come with homeownership? If you have any questions about buying a home in our current market, give me a call or send me an email. I’d love to speak with you.
  continue reading

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