Rising Mortgage Rates: Why Buyers Should Get Off the Fence

I know it seems like all our messaging right now is about rising interest rates.  For the past 8 years we have been warning of this day and most people felt like we were crying wolf.  Well the Big Bad Wolf is here now and he is showing his gnarly teeth.  Rates have gone up and the trend is not your friend.  On the good side, in December of 2015 we were at 4.25%.  As of today we are less than that.  The bad news is that we will see 4.5% in 2017.  The question is will it be in January or some other month.  If you have been a fence sitter it is now time to get off the fence.

  Don't just take it from me, read more: Do Rising Mortgage Rates Mean Buyers Should Wait or Lock?

Trump Wins! You the consumer of mortgages LOSE!

Yes, today there will be a quick drop in rates as the Dow panics and there is a flight to safety.  However in the weeks and months following you will see long term rates go up by .50 to 1.0% as mortgage backed securities and other bonds go out of favor with investors.  Trump has made it clear he is going to get this country's financial house in order and to do that, we need to make interest on the money we borrow and borrow less.  Long term (decades) this could be good for you as a citizen of the United States.  Short term (next 8 years) we will see rates go up and the cost of borrowing for your home will be more expensive.

My advice, if you are thinking about refinancing LOCK TODAY!  If you are thinking about buying in the near future move your timeline up. Rates will be higher in 3-6 months and you will not be able to afford as much.

Please contact me: http://www.cornerstonemortgage.com/ChrisScheer/