Excellent Reasons High-interest Rates Should Not Have You Spooked!

Excellent Reasons High-interest Rates Should Not Have You Spooked!

The November Real Estate Update

Happy November! It's sweater weather, finally! This month, I'm dropping in to share a housing market update, and a note on the current interest rates.
If you have questions about buying or selling in today's market, call, email or text me – I'd love to put my years of skilled expertise to work for you!
Your Kitsap County Realtor

How's the Market?

In the past 30 days in Kitsap County.

Spooked by High-Interest Rates? Listen Up!

Buyers, don’t be spooked this Fall by high interest rates! Here’s why:
An increase in rates will cost you more, yes, but it may not be as much as you think. Let's look at an example.
A $300,000 loan with a 5% fixed rate comes out to roughly $1,610 a month. A $300,000 loan with a 6.5% fixed rate? $1,896 a month. That's a difference of $286.
Mortgage rates are still low compared to the rates from the last 40 years. Consider October 1981. The 30-year mortgage rate was 18.45%. Now, that's something to fear!
Fewer people are selling, and there just aren’t enough houses to go around—and it’s going to be a while before builders can catch up.
Translation: Buying isn’t going to get cheaper anytime soon.

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