Video Highlights with Rick Fitzgerald, Alerus Mortgage and Cynthia Froid, Keller Williams Integrity Lakes:
Rates went up 1/2% this week and are anticipated to continue going up.
1. Anticipated rate hike was already built in to the market conditions.
2. With the outcome of the election, increases are expected because:
a. upcoming tax cuts b. fiscal spending causing inflationary pressure.
How does this affect the interest rates?
Rates are still low - where we were a year ago.
Let's go by an assumption that rates will increase by 1%.
We have a $400,000 loan.
Your payment savings would be: $235/mo; $2,900/yr; $29,000 over 10 years!
With the change factors listed above, we see rates going up in the future. If you are considering selling, today's savvy buyers are out there ready to take advantage of continued low rates before they increase.