Update from Susan Bryant at AgentOwned Realty in Mount Pleasant, South Carolina
Reporting news from Melissa Breeland, our "Mortgage Maven" at Residential Mortage who has been prodding borrowers to lock in rates and now it appears for a good reason. Interest rates spiked last week as much as a whole percentage point and possibly higher.
There are several reasons for this interest rate spike including expections of impending inflation, but most probably the issuance of so much debt by the Treasury Department. The debt increase caused bond prices to fall and the interest the Treasury had to pay to attract buyers rose.
The rise in interest rates could put downward pressure on home prices and sales. The good news is that homes are more affordable at this time.
How to get a lower than market interest rate? Depending on the pricing of money, it may be that buyers can negotiate with sellers to pay points in order to buy down the rate. Loan programs have limits regarding seller contributions, but we can help structure a mortgage plan to suit your needs. Just call or email to find out more or arrange for an appointment.
Susan Bryant, CRS, GRI, CBR
Agentowned Realty, Preferred Group
Mount Pleasant, SC
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